Feeds

Eckhard Pfeiffer goes under QXL hammer

Auction sites link up for European domination

  • alert
  • submit to reddit

Secure remote control for conventional and virtual desktops

UK online auctioneer QXL has agreed to buy Eckhard Pfeiffer's latest venture, Ricardo.de, for 668 million in stock.

Shareholders in the German company will get 42.6 QXL shares for every Ricardo share. Based on QXL's closing share price yesterday of 180 pence, the offer values each Ricardo share at around 27 per cent over its own closing market price.

The combined London-based company, to be called QXL Ricardo Plc, will have 1.3 million members. The deal is expected to be completed by August.

Online auction site Ricardo was launched in the UK in January, with ex-Compaq CEO Pfeiffer installed as leader. It also operates in Germany, the Netherlands and Switzerland, and brings 670,000 registered users to the deal.

QXL's market value is over 640 million, and Ricardo's is around 780 million, giving the new company a market value of $1.7 billion, and US giant eBay a run for its money.

This is "another aggressive acquisition to make eBay twitch", said analyst Richard Holway, who viewed the move as beneficial for investors in both QXL and Ricardo.

"QXL shareholders have acquired a substantial German presence and Ricardo shareholders have swapped their overpriced equity for another chunk of overpriced equity (and they have got a 27 per cent premium into the bargain), both parties have a stronger offering and expanded geographical range."

"QXL was always tipped to be scooped up by a European player or eBay. It looks as if QXL has done the scooping in Europe and eBay would struggle to buy it now," he added. ®

New hybrid storage solutions

More from The Register

next story
Apple Pay is a tidy payday for Apple with 0.15% cut, sources say
Cupertino slurps 15 cents from every $100 purchase
Phones 4u slips into administration after EE cuts ties with Brit mobe retailer
More than 5,500 jobs could be axed if rescue mission fails
Forget silly privacy worries - help biometrics firms make MILLIONS
Beancounter reckons dabs-scanning tech is the next big moneypit
Microsoft's Office Delve wants work to be more like being on Facebook
Office Graph, social features for Office 365 going public
Alibaba swings a large one with STONKING IPO legal bills
Chinese e-commerce beast searches for $21bn from investors
EMC has nothing to say on VMware sale plan
Rumour and counter-rumour swirl around Wall Street
prev story

Whitepapers

Providing a secure and efficient Helpdesk
A single remote control platform for user support is be key to providing an efficient helpdesk. Retain full control over the way in which screen and keystroke data is transmitted.
Top 5 reasons to deploy VMware with Tegile
Data demand and the rise of virtualization is challenging IT teams to deliver storage performance, scalability and capacity that can keep up, while maximizing efficiency.
Reg Reader Research: SaaS based Email and Office Productivity Tools
Read this Reg reader report which provides advice and guidance for SMBs towards the use of SaaS based email and Office productivity tools.
Security for virtualized datacentres
Legacy security solutions are inefficient due to the architectural differences between physical and virtual environments.
Secure remote control for conventional and virtual desktops
Balancing user privacy and privileged access, in accordance with compliance frameworks and legislation. Evaluating any potential remote control choice.