eBay announced on Monday that it has finished its $2.4 billion acquisition of GSI Commerce. GSI Commerce stockholders approved the merger agreement Friday during a special stockholder meeting and the merger came into effective later that day.
According to the acquisition terms unveiled on March 28, eBay acquired all of the outstanding shares of GSI’s stock for $29.25 per share in cash, or total consideration of approximately $2.4 billion.
GSI Commerce will run as a separate business unit led by Chris Saridakis as president. Saridakis will report to eBay CEO and President John Donahoe.
eBay has also divested 100 percent of GSI’s licensed sports merchandise business and 70 percent of ShopRunner and Rue La La to a newly formed holding company led by GSI founder and former CEO Michael Rubin.