eBay Acquires Stake in Turkey's GittiGidiyor.com
San Jose, Calif., May 3, 2007 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.
With more than 400,000 listings and more than 60 employees, GittiGidiyor.com is one of the leading players on the Turkish online trading market. GittiGidiyor.com was founded in 2000 by Serkan Borancili, Burak Divanlioglu and Tolga Kabatas and is headquartered in Istanbul.
About eBay Inc.
Founded in 1995, eBay Inc. connects hundreds of millions of people around the world every day, empowering them to explore new opportunities and innovate together. eBay Inc. does this by providing the Internet platforms of choice for global commerce, payments and communications. Since its inception, eBay Inc. has expanded to include some of the strongest brands in the world, including eBay, PayPal, Skype, Shopping.com, and others. eBay Inc. is headquartered in San Jose, California.
This announcement contains forward-looking statements regarding eBay, GittiGidiyor.com and the expected impact of eBay's investment in GittiGidiyor.com on eBay's financial guidance. Those statements involve risks and uncertainties, and actual results could differ materially from those discussed. Factors that could cause or contribute to such differences include, but are not limited to, risks associated with eBay's international operations, the reaction of competitors to the transaction, and the possibility that the expected benefits of the investment in GittiGidiyor.com may not materialize to the extent expected or at all. More information about potential factors that could impact eBay's business and financial results is included under the captions, "Risk Factors" and "Management's Discussion and Analysis of Financial Condition and Results of Operations," in eBay's Annual Report on Form 10-K for the fiscal year ended December 31, 2006 and Quarterly Report on Form 10-Q for the quarterly period ended March 31, 2007 which are on file with the U.S. Securities and Exchange Commission (the "SEC") and available at the SEC's website at www.sec.gov. All forward-looking statements are based on information available to eBay on the date hereof, and eBay assumes no obligation to update such statements.