Popular second-hand clothing app Depop has been sold to eBay for $1.2billion (£890milion), the companies have announced.
Etsy, the online marketplace which bought Depop for $1.6billion, will offload the company just five years after purchase.
Depop, which was founded in the UK in 2011, is expected to retain its name, brand and platform, the companies said.
eBay is hoping the deal will help the company "reach a younger demographic across the expanding re-commerce landscape".
The all-cash deal is expected to be completed by the middle of the year.
eBay chief executive Jamie Lanonne said that Depop will help boost the online auction firm's used clothes sales, which is one of its "fastest-growing" categories.
FSTE100
The UK's flagship share index, the FTSE 100, was up 72 points at 10,666 shortly after opening this morning.
Brent crude oil futures were up 0.26% at $69.39 a barrel.
Companies reporting today
- Airbus* - Full Year Results
- Centrica* - Full Year Results
- Mondi - Full Year Results
- Rio Tinto* - Full Year Results