eBay has announced that viagogo has agreed to purchase StubHub for $4.05 billion in cash.

eBay purchased StubHub for $310 million in 2007. StubHub claims to be “the world’s most trusted ticket marketplace spanning 44 countries.” It’s business partners include “the NFL, MLB, NBA, NHL, MLS, WWE, NCAA, Matchroom Boxing, plus Paciolan, Tessitura and Roundabout Theatre Company. StubHub provides the total end-to-end event going experience throughout the world.”

Rival viagogo was founded by Eric Baker, the same individual who co-founded StubHub. Baker left the company before eBay purchased it in 2007. Nevertheless, he was upbeat about bringing together his two creations and combining their resources.

“It has long been my wish to unite the two companies. I am so proud of how StubHub has grown over the years and excited about the possibilities for our shared future,” Baker said. “Buyers will have a wider choice of tickets, and sellers will have a wider network of buyers. Bringing these two companies together creates a win-win for fans – more choice and better pricing.”

Together, the two companies “will sell hundreds of thousands of tickets daily across more than 70 countries.” Despite StubHub’s success, eBay ultimately is divesting itself of the company to streamline its focus.

“We believe this transaction is a great outcome and maximizes long-term value for eBay shareholders,” said Scott Schenkel, interim chief executive officer of eBay Inc. “Over the past several months, eBay’s leadership team and Board of Directors have been engaged in a thorough review of our current strategies and portfolio, and we concluded that this was the best path forward for both eBay and StubHub. We firmly believe in the StubHub business and we are excited about its future growth potential with viagogo as its owner.”

Provided the deal receives regulatory approval, eBay expects it to close by the end of Q1 2020.