Benzinga | Nov 30, 2021 04:07PM EST

eBay Acquires Sneaker Con's Authentication Business For Undisclosed Sum

eBay Inc (NASDAQ:EBAY) has acquired Sneaker Con Digital's authentication business, a sneaker authenticator with operations in the U.S., U.K, Canada, Australia, and Germany, for an undisclosed sum. The acquisition extends the ongoing collaboration between eBay and Sneaker Con, which has been powering eBay's Authenticity Guarantee.

* The authentication service, which eBay launched in October 2020, offers full vetting and verification of select sneakers bought on the marketplace by a team of Sneaker Con's industry experts.

* "While Sneaker Con's events business is not part of this transaction, these events will continue to represent the global sneaker community," said Alan Vinogradov, CEO, and co-Founder of Sneaker Con.

* eBay held $5.1 billion in cash and equivalents as of September 30, 2021.

* Price Action: EBAY shares are trading lower by 3.20% at $70.12 on the last check Monday.