MercadoLibre will acquire iBazar Com Ltda., the Brazilian subsidiary of iBazar SA, which was recently acquired by eBay. In return eBay will receive a 19.5% ownership interest in MercadoLibre and will share best practices with the company. The relationship enhances MercadoLibre’s leadership position in Brazil and the rest of Latin America, and expands eBay’s reach throughout the region.
This is an important step forward in our global strategy and we are very happy to team up with MercadoLibre in Latin America, said Meg Whitman, president and CEO of eBay Inc. MercadoLibre’s management is doing a superb job in building the leading online trading company in the region and it’s a great match for eBay.
eBay’s alliance with MercadoLibre confirms the company’s leadership in the region, said Marcos Galperin, CEO and co-founder of MercadoLibre.com. The ongoing relationship with eBay will help MercadoLibre reach new levels of growth and success as well as translate into a more vibrant marketplace for our community of users.
eBay assumed ownership of iBazar Com Ltda. in May 2001 as part of its acquisition of iBazar SA, the Paris-based online trading company. iBazar currently has more than 450,000 registered users in Brazil who list more than 70,000 items for sale each month.
SOURCE: COMPANY PRESS RELEASE
