sells itself for $700M cash

By tonyhughes Hughes, in , posted: 6-Mar-2006 08:56

New Zealands most popular website (in lots of categories) Trademe has been sold to the Fairfax group for $700 million cash, with on target extra payments of $50 million should Trademe fair well in the next couple of years. Im sure some of the diehard Trademe fans will shed a tear that this uber successful privately held business is going corporate, but hey - thats progress. Well done to Sam Morgan (founder / owner). 250,000 of their 1.1 million members log on every day to buy, sell and scam trade their way to a tidier home, fatter wallet, or just to feed the addiction of buying and selling online. Rumour has it that Telecom New Zealand had the opportunity to buy Trademe about 2 or 3 years ago for $5 million... There is a discussion about the sale in the Geekzone Forums [edit: everyone notices mistakes in my hyperlinks, but no one noticed this headline that read "$700 cash" would have been quite the bargain I suspect...]

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