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Posts Tagged ‘And Lays Off 10% Of Employees’

Ebay Spends More Than $1.2 Billion To Buy BillMeLater And DBA.dk, And Lays Off 10% Of Employees

By Mohnish On October 6, 2008 No Comments

It’s a big day for eBay and CEO Jon Donahoe.The company is laying off 10% of its workforce, or about 1,000 employees plus several hundred temporary positions. They will take a $70 million to $80 million restructuring charge around the layoffs, they said.

And they’ve made two acquisitions: Denmark’s DBA for $380 million and Amazon-funded BillMeLater for $820 million in cash and approximately $125 million in outstanding options.

Regarding the two acquisitions: We covered dba.dk, Denmarks’ leading classifieds site, earlier this morning. BillMeLater, the larger acquisition, is a service that let’s ecommerce partners issue instant credit to buyers. You enter your birth date and last four digits of your social security number online, and it does a credit check on you in three seconds to determine whether you are worth the risk. Bill Me Later pays the merchant, and sends you a bill. The company has raised a ton of cash – at least $272 million – from Amazon, Azure Capital Partners, Chase Paymentech, Crosspoint Venture Partners, First Data Corp., and others.

eBay stock is at a 52 week low, we’ll see how it does in the market today.