June 20, 2011, 4:33 PM

eBay closes its $2.4 billion acquisition of GSI Commerce

GSI’s Chris Saridakis becomes the president of eBay’s new business unit.

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Chris Saridakis

EBay Inc. has completed its approximately $2.4 billion acquisition of GSI Commerce, the online marketplace company said today. EBay also said that Chris Saridakis will lead the GSI Commerce business unit as its president.

Saridakis, who joined GSI in May 2010, had been CEO of GSI’s Global Marketing Services division where he led GSI’s e-mail marketing arm, e-Dialog, and digital marketing agency TrueAction. Saridakis joined GSI from media company Gannett Co. Inc., where he had served as senior vice president and chief digital officer since 2008. He came to Gannett through its 2005 acquisition of digital marketing services firm PointRoll Inc., where Saridakis was chief operating officer and later CEO.  As president of the GSI Commerce business unit, Saridakis will report to eBay CEO and president John Donahoe.

GSI Commerce stockholders approved the merger agreement Friday during a special stockholder meeting. EBay paid $29.25 per share for GSI stock, a 50% premium over GSI’s stock price before the eBay deal was announced in late March. EBay also announced that it had completed its divestiture of GSI’s licensed sports merchandise business and 70% of its interest in the ShopRunner e-commerce delivery program and Rue La La, the flash-sale e-retailer that is No. 82 on Internet Retailer’s Top 500 Guide. GSI founder and former CEO Michael Rubin will run those two businesses. 

Earlier this month, eBay announced plans to buy e-commerce software provider Magento. Terms were not disclosed. eBay already owned a 49% stake in that software company.

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