eBay buy 93% stake in Turkish marketplace GittiGidiyor

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eBay have announced agreement to acquire additional shares in GittiGidiyor, the leading online marketplace in Turkey. GittiGidiyor now sports a proud “In Partnership with eBay” logo.

The deal follows eBay’s acquisition of a minority stake in the company in 2007. Upon closing of the transaction, eBay will own approximately 93% of the outstanding shares of GittiGidiyor.

Launched on February 5, 2001, GittiGidiyor has more than 6.4 million registered users, 500 thousand daily visitors and 2.5 million live listings. According to Internet World Stats, Turkey is the world’s twelfth largest market for Internet usage, with a penetration rate of 45%

The company’s business model is complementary to eBay’s with the addition of a compulsory escrow service for payments between buyer and seller. Today, all of GittiGidiyor’s transactions come from fixed price listings with the largest categories being Fashion and Consumer Electronics.

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