eCommerce giant to sell Enterprise unit for N185 billion

The division, which helps power the online stores for retailers and brands, will be acquired by a group of investment entities.

eBay is one of the largest e-Commerce giants in the world

On the eve of its separation with PayPal, eBay has agreed to sell off its eBay Enterprise unit for $925 million, the company announced this morning to various reports.

Sources say the division, which helps power the online stores for retailers and brands, will be acquired by a group of investment entities including the private equity firms Sterling Partners and Permira.

According to reports, the move comes as eBay finalizes its spinoff of PayPal tomorrow, and the two companies will prepare to open up for regular trading on Nasdaq as two separate companies on Monday.

EBay had announced in the fall that it would separate its marketplace shopping business and PayPal business after initially pushing back on such an idea when investor Carl Icahn called for it early in 2014.

JOIN OUR PULSE COMMUNITY!

Eyewitness? Submit your stories now via social or:

Email: eyewitness@pulse.ng

Recommended articles

NRC to begin Sunday service on Lagos-Ibadan railway

Buhari greets Reps Speaker, Gbajabiamila at 59

Buhari appoints Jime as Executive Secretary of Nigerian Shippers Council

Sanwo-Olu rewards Ajunwa with 3-bedroom flat 25 years after her Olympic feat

President Buhari allocates 3-bedroom houses to 1994 Super Eagles squad

President Buhari is off to London again to keep a date with his doctors

Gbajabiamila celebrates birthday mate Gov Sanwo-Olu at 56

Reps accuse Polaris Bank of suspicious dealings over $300m NNPC deposit

Ondo University students protest over rape, armed robbery by hoodlums