QXL to buy rival German auction site for $1 billion

- QXL, the UK's largest auction website, is to acquire German rival, Ricardo.de, in a $1 billion stock deal as it moves to strengthen its position in Europe.

- QXL, the UK's largest auction website, is to acquire German rival, Ricardo.de, in a $1 billion stock deal as it moves to strengthen its position in Europe.

Ricardo shareholders will receive 42.6 QXL shares for each Ricardo share held. The enlarged company, to be called QXLricardo and will be headquartered in London.

Jim Rose QXL chief executive officer, said: "This deal creates a powerful combination of two of the leading e-commerce companies in Europe."

The new group will seek listings on the London Stock Exchange and the Nasdaq Stock Market.

QXL's Jonathan Bulkeley will continue in his present role as chairman and Rose will remain chief executive.





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