Ebay's StubHub To Expand Globally Through Ticketbis Buyout

eBay Inc. (NASDAQ:EBAY) confirmed on Tuesday that it has acquired Spain-based ticket marketplace Ticketbis that will be folded into its StubHub business.

The transaction is expected to close in mid-2016. However, the financial terms were not disclosed.

StubHub and Ticketbis are secondary marketplaces for sale and purchase of tickets to games, concerts and other events worldwide.

The deal opens up 47 new markets for StubHub, in which Ticketbis already has a presence. This in turn will help eBay to expand StubHub beyond North America to Europe, Asia Pacific and Latin America.

StubHub president Scott Cutler said in a statement, “The acquisition of Ticketbis will allow us to connect millions more people with inspiring events.”

eBay President and CEO Devin Wenig commented, “The acquisition of Ticketbis will enable us to significantly scale StubHub's international footprint."

Co-founder of Ticketbis Ander Michelena stated, “StubHub’s extensive assets will add tremendous value for ticketing patrons and sellers worldwide, especially as we continue our expansion into nascent markets.”

The move is in line with eBay’s continuous efforts to expand and strengthen StubHub’s international footprint. Already the largest secondary ticket marketplace of the world, StubHub currently operates in the U.S., U.K., Canada, France and Germany. This month, eBay launched StubHub in Mexico.

Notably, eBay has assured that the acquisition of Ticketbis is not going to impact its second quarter or 2016 full-year guidance provided during the first quarter earnings call.

Currently, eBay is a Zacks Rank #3 (Hold) stock.

Better-ranked stocks in the broader technology space include Amkor Technology, Inc. (NASDAQ:AMKR) , Netgear Inc. (NASDAQ:NTGR) and TiVo Inc. (NASDAQ:TIVO) , each sporting a Zacks Rank #1 (Strong Buy).