Ebay sells enterprise unit

cashEbay has sold its enterprise unit to a a private equity consortium for close to $1 billion.

The consortium, headed by private equity company Permira, will acquire the unit for $925 million.

Ebay had positioned its enterprise business as a way of helping shopkeepers create online presences on the internet. It bought a company called GSI Commerce for $2.4 billion in 2011 but it’s never performed as Ebay had hoped it would.

The sales is in the run up to it splitting from Paypal, which will trade separately on the NASDAQ bourse from July 20th.

Ebay will operate as it once did separately specialising in its auction business.

Ebay announced its last financial results which showed its revenues rose by seven percent – much of that growth coming from the PayPal business which will go its separate way soon.