Core Viewpoint - eBay is set to acquire Depop from Etsy for approximately $1.2 billion in cash, enhancing eBay's consumer-to-consumer (C2C) value proposition and expanding its reach among Gen Z and Millennial consumers [1] Group 1: Acquisition Details - eBay will acquire Depop, a leading C2C fashion marketplace, for about $1.2 billion, subject to purchase price adjustments [1] - The acquisition is expected to close in the second quarter of 2026, pending regulatory approvals and other closing conditions [1] - eBay plans to fund the acquisition using cash on hand, while Etsy will use the proceeds for corporate purposes, share repurchases, and investment in its core marketplace [1] Group 2: Market Position and Growth - Depop reported annual gross merchandise sales (GMS) of approximately $1 billion in 2025, with nearly 60% year-over-year growth in the U.S. [1] - As of December 31, 2025, Depop had 7 million active buyers, with nearly 90% under the age of 34, and over 3 million active sellers [1] - eBay's fashion segment represents more than $10 billion in annual gross merchandise volume (GMV), with a 10% year-over-year GMV growth in the U.S. in 2025 [1] Group 3: Strategic Implications - The acquisition will deepen eBay's reach with younger, fashion-forward consumers and expand its presence in the dynamic resale market [1] - Depop will benefit from eBay's global scale, financial services, shipping solutions, and trusted experiences like Authenticity Guarantee [1] - eBay aims to enhance the buyer and seller experience on Depop through increased visibility and cross-listing opportunities [1]