eBay completes GSI deal

SAN JOSE, Calif. — eBay reported that it has completed its previously announced acquisition of GSI Commerce, a leading provider of e-commerce and interactive marketing services. The stockholders of GSI approved the adoption of the merger agreement with eBay at the special meeting of stockholders held on June 17 and the merger became effective later that day.

In accordance with the terms of the acquisition agreement announced on March 28, eBay acquired all of the outstanding shares of GSI’s stock for $29.25 per share in cash, or total consideration of approximately $2.4 billion. As previously announced, certain GSI stockholders will be paid a settlement amount equivalent to 33 cents a share related to the settlement of claims filed in Delaware state court, which is separate and distinct from the payment of the $29.25 per-share merger consideration to be paid pursuant to the terms of the merger.

GSI Commerce will operate as a separate business unit led by Chris Saridakis as its newly appointed president. Saridakis will report to eBay Inc. CEO and president John Donahoe.