EBay and Etsy have set a July 30 closing date for the sale of the fashion resale marketplace Depop, following approval from the UK's Competition and Markets Authority. The sale, valued at approximately $1.2 billion, is a key part of eBay's strategy to attract younger shoppers and expand its presence in the secondhand clothing market.
A revised agreement between the two companies significantly increases the termination fee to $158 million, payable by eBay if it were to back out of the deal after July 15. This amendment narrows eBay's ability to terminate the sale, providing greater certainty that the transaction will be completed as planned.