EBay Inc. said it has sold back to Craigslist the 28% stake it
has held in the classified marketplace since 2004.
The sale brings to an end an at-times contentious relationship
between the two Web giants. EBay sued Craigslist in 2008, alleging
Craigslist had diluted its stake, costing eBay its board seat.
Craigslist charged that eBay had used its board seat to glean
confidential information about its business.
EBay's stake was later restored, but it didn't regain a board
seat.
Terms of the deal weren't disclosed. EBay originally bought the
stake for $32 million.
EBay is planning to spin off its PayPal payments unit in this
year's third quarter, creating a stand-alone marketplace business.
It is also seeking a buyer for its eBay Enterprise unit.
EBay, based in San Jose, Calif., said all litigation with
Craigslist would be dismissed as part of the deal.
Write to Greg Bensinger at greg.bensinger@wsj.com
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