EBay: Announces Acquisition of Certilogo as Marketplace Pushes To Bolster Luxury Resale Proficiency

We don't foresee any changes to our $54 fair value estimate or to our Standard Morningstar Capital Allocation Rating for narrow-moat eBay after the firm announced a planned tuck-in acquisition of Certilogo on May 17. The deal is expected to close in the third quarter of 2023 for an undisclosed sum, but with PitchBook data suggesting that Certilogo generated just $5.6 million in 2021 sales (the most recent year available), we don't expect the deal to prove financially material.