UK CMA Greenlights eBay's Acquisition of Depop

On July 20th, it was announced that the UK Competition and Markets Authority (CMA) has completed its Phase 1 review and formally approved eBay's approximately $1.2 billion cash acquisition of Depop, the secondhand fashion platform owned by Etsy. This move removes the final major regulatory hurdle for the deal. The parties plan to complete the transaction by July 30, 2026, following prior approvals from regulatory authorities in Australia, the United States, and Germany. To mitigate the risk of transaction delays, eBay and Etsy recently signed a second amended agreement, which standardizes the business disruption fee for termination after July 15th at $158 million and further restricts eBay's right to exit the deal. The price adjustment benchmark for the acquisition will be based on Depop's financial data as of July 17th, with corresponding interest payable. Upon completion of the transaction, Depop will continue to operate under its existing brand name and maintain its independent platform model. Leveraging eBay's scale and resources, Depop aims to further expand in the secondhand fashion market and gain access to eBay's approximately 90 million users under the age of 34. The acquisition is expected to have a positive impact on eBay's profits no earlier than 2028. [Source: Ebrun Go. An automated writing robot developed by Ebrun, delivering e-commerce industry intelligence via algorithms. This AI is still young; welcome feedback at run@ebrun.com or via comments to help it grow.]