Etsy's $1.2B Depop Sale to eBay Clears CMA, Closing July 30 with Revised Terms
ETSY sits 86% above its 52-week low of $44.
Summary
Etsy's $1.2 billion sale of Depop to eBay cleared its final regulatory hurdle with UK CMA approval. The deal is now set to close July 30, with revised terms that increase termination fees to $158 million and add a lockbox mechanism that earns Etsy interest on the purchase price from July 17 until closing.
Key Events · M&A and Partnerships · ETSY
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CMA Clearance Secured
On July 15, 2026, the UK Competition and Markets Authority cleared the Depop acquisition, satisfying the final regulatory condition and enabling the deal to proceed to closing.
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Closing Date Fixed at July 30
The Second Amendment sets the closing date at July 30, 2026, subject only to remaining customary conditions, providing deal certainty.
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Termination Fees Increased
If the deal is terminated after July 15, 2026, eBay must pay a $158 million Business Disruption Fee, up from the prior $136 million maximum, strengthening Etsy's downside protection.
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Lockbox Mechanism Introduced
Purchase price adjustments will be measured as of July 17, 2026 (the Lockbox Date), and eBay will pay interest on the purchase price at SOFR + 0.40% from that date until closing, shifting economic benefit to Etsy.
Analysis · ETSY · Trade & Services
The last major regulatory hurdle fell away on July 15 when the UK Competition and Markets Authority cleared the Depop sale. With that approval, the Second Amendment locks in a July 30 closing date and introduces a lockbox mechanism that shifts economic risk to eBay from July 17 onward — Etsy will earn interest on the purchase price at SOFR + 0.40% until closing. Termination fees have been restructured: if the deal breaks after July 15, eBay owes $158 million, up from the prior $136 million maximum. The Specified Amount — a key purchase price adjustment threshold — was raised from $196 million to $216 million, directly benefiting Etsy. These changes materially de-risk the transaction for Etsy and increase the certainty of closing.
At the time of this filing, ETSY was trading at $81.89 on NYSE in the Trade & Services sector, with a market capitalization of approximately $8.1B. The 52-week trading range was $44.00 to $87.14. This filing was assessed with positive market sentiment and an importance score of 8 out of 10.