June 8 (Reuters) – Britain’s competition regulator said on Monday it would begin formally reviewing eBay’s planned acquisition of Gen-Z focused fashion resale platform Depop after ending the first part of its information gathering process. Â Â Â The Competition and Markets Authority (CMA) said it had closed its invitation to comment, where interested parties had a chance to tell the regulator how the proposed transaction would impact competition in the UK.
eBay announced in February it planned to buy Depop from Etsy for about $1.2 billion and the purchase is expected to close this month.
The deal is expected to help eBay expand its reach with younger shoppers and strengthen its position in the fast-growing resale clothing market, while Etsy focuses on its core handmade and vintage goods marketplace in pursuit of a turnaround. Â Â Â
The CMA said the deadline for its phase 1 investigation was August 6, after which it would decide whether to clear the deal or refer it for a more in-depth investigation.
Etsy and eBay did not respond to Reuters’ requests for comment.Â
(Reporting by Prerna Bedi, Zaheer Kachwala and Yadarisa Shabong in Bengaluru; Editing by Sonia Cheema and Kevin Liffey)
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