UK Regulator Opens Formal Inquiry into eBay's $1.2B Depop Acquisition
EBAY•UK CMA has launched a formal merger inquiry into eBay’s $1.2B Depop acquisition, with a Phase I decision due by August 6, 2026. Depop generated about $1B in gross merchandise sales in 2025 and grew nearly 60% in the US, with seven million active buyers under age 34.
1. CMA Merger Inquiry
The UK’s Competition and Markets Authority has launched a formal merger inquiry under Section 96(2A) into eBay’s planned $1.2B acquisition of fashion resale platform Depop, with a Phase I decision due by August 6, 2026.
2. Acquisition Terms and Timetable
eBay agreed in February to acquire Depop from Etsy in an all-cash $1.2 billion transaction, with completion targeted by the end of the second quarter of 2026, subject to regulatory approvals. Depop will maintain its name, brand identity and platform culture post-acquisition.
3. Depop Performance Metrics
Depop operates as a mobile-first consumer-to-consumer fashion marketplace, generating approximately $1 billion in annual gross merchandise sales in 2025 and achieving nearly 60% year-on-year growth in the US. As of December 31, 2025, the platform counted seven million active buyers—almost 90% under age 34—and over three million active sellers.
4. Broader Corporate Developments
Last month, GameStop submitted an unsolicited, non-binding takeover proposal valuing eBay at approximately $55.5 billion, which eBay’s board rejected after engaging independent financial and legal advisers, deeming the offer at $125 per share neither credible nor attractive.
