GameStop Proposes $56 Billion Acquisition of eBay

GameStop Corp. has submitted a non-binding proposal to acquire eBay Inc. for $125 per share in a combination of cash and stock, valuing the online marketplace at approximately $56 billion. This offer represents a 46% premium over eBay's closing price on February 4, 2026, when GameStop began accumulating its position in the company.

The proposal includes a 50% cash and 50% GameStop common stock structure, with shareholders having full election rights regarding the type of consideration. GameStop has built a 5% economic stake in eBay through derivatives and beneficial ownership of common stock.

To finance the acquisition, GameStop has secured a highly confident letter from TD Securities for up to $20 billion in debt financing. The company plans to achieve $2 billion in annualized cost reductions within twelve months of closing, including approximately $1.2 billion from sales and marketing, $300 million from product development, and $500 million from general and administrative expenses.

GameStop CEO Ryan Cohen expressed his vision for the combined entity, stating that eBay should be worth much more and will be, aiming to turn eBay into a company worth hundreds of billions of dollars.

As of now, eBay has not publicly responded to the acquisition proposal.