eBay Acquires Stake in Turkey’s GittiGidiyor.com
San Jose, Calif., – eBay Inc. (Nasdaq: EBAY) today announced that it has acquired a minority stake in GittiGidiyor.com, one of the leading online marketplaces in Turkey. The strategic relationship with eBay will allow Gittigidiyor.com to further expand its online trading platform and offer a broader range of e-commerce services to Turkish buyers and sellers.
With more than 17 million Internet users -- or one quarter of Turkey’s total population – and a strong affinity for online commerce, the Turkish e-commerce sector is a highly attractive market for eBay. The investment makes Turkey the 37th market where eBay has a local presence.
“GittiGidiyor.com has established a strong presence and brand name in Turkey,” said Lorrie Norrington, president, eBay international marketplaces. “Its business model and community-centric approach make it an excellent complement to our marketplaces business.”
Terms of the agreement were not disclosed. eBay does not expect this investment to have a material impact on its financial guidance as issued in conjunction with its first quarter earnings release on April 18, 2007.
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