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eBay agreed to acquire the Syracuse, New York-based technology platform for the collectibles, TCGPlayer. The global commerce leader is buying the fast-growing online marketplace for trading cards for around $295 million.
As per Syracuse.com, while the deal has already been confirmed by eBay and TCGPlayer, it is still subject to customary closing conditions and required regulatory approvals. The companies are expecting the transaction to close within the first quarter of 2023.
Under the agreement, the San Jose, California-based e-commerce giant will acquire TCGplayer for a total deal value of up to $295 million. The Freshfields Bruckhaus Deringer LLP is serving as eBay’s legal counsel for the acquisition process, while Evercore is acting as its exclusive financial advisor. On the other hand, TCGPlayer has appointed Cooley LLP as its legal counsel for the deal.
"eBay continues to build on our 26 years of experience in trading cards, powering local hobby stores and Main Street retailers to deliver an online destination that collectors love," eBay’s vice president of collectibles and toys, Dawn Block, said in a press release.
She went on to say, "eBay has always fueled our customers' passion in this space and facilitated connections between buyers and sellers, and with TCGplayer, we can enhance the customer experience across categories, forge even more relationships, and cater to enthusiasts around the world."
TCGPlayer’s founder and chief executive officer, Chedy Hampson, is also excited for this new chapter of their business as the deal will still allow them to continue operating independently within eBay. He also said that their company would surely benefit from the e-commerce firm’s decades of experience in the industry as well as its resources that will help them deepen the connection between the hobbyists and their communities.
"With eBay's support, we will advance our Purpose, and expand our tools and services to improve the collecting experience online and in your favorite local hobby store,” the CEO added.
Meanwhile, Hampson will remain as TCGPlayer’s chief. He said that he would continue to lead with a commitment to the collectibles community. The company will also retain its HQ in Syracuse even after eBay’s acquisition.
