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ECONOMICTIMES.COM[ WEDNESDAY, JUNE 23, 2004 11:25:35 AM ] Internet auction major eBay confirmed that it will acquire the Mumbai-based Baazee.com, Inc. and its subsidiary Baazee.com India Pvt. Ltd., one of the largest online marketplaces in India, in a deal worth Rs 230 crore ($50 million) plus acquisition costs and post-signing adjustments. The acquisition is expected to close in the third calendar quarter of 2004. California-based eBay is a rare success among the thousands of dotcoms which sprung up in Silicon Valley during the technology boom of the late '90s. eBay does not expect the acquisition to have a material impact on 2004 net revenue and earnings per share, and does not expect it to affect eBay's financial guidance as issued in connection with its first quarter earnings release on April 21, 2004. The agreement will allow eBay to expand its global footprint into the nascent but growing Indian market. In turn, Baazee.com will use its new relationship with eBay to further develop its business and strengthen its position in India's e-commerce market. The combination of Baazee.com and eBay will allow buyers and sellers in India and around the world to gain access to a broader range of choice and convenience. Baazee.com currently has more than one million confirmed registered users who trade in a wide range of categories from consumer electronics and computers, to home decor and jewelry. "Our relationship with Baazee.com is another important step in the growth of eBay's global marketplace," said Meg Whitman, President and CEO of eBay in a press release. "Although it's early days for e-commerce in India, we believe there is great opportunity over the long term. Baazee.com's strong management team and solid focus on its community make it a natural fit with eBay, she said." "Our partnership with eBay validates Baazee.com's business model and position in the industry," said Avnish Bajaj, Chairman and Co-CEO of Baazee.com. "Our local expertise combined with eBay's global perspective will allow us to take e-commerce in India to the next level."