posted on June 13, 2003 10:16:30 AM new
June 12, 2003, 6:28 AM PT
Online auctioneer eBay said Wednesday that it will pay $150 million in cash to buy the two-thirds of EachNet, a Chinese auction Web site, that it does not already own.
The deal, expected to close in the third quarter, gives eBay a foothold in China's fast-growing online consumer market. The company cited market research predicting that China would have 86 million potential Internet consumers by the end of this year and that e-commerce revenue there would grow to more than $16 billion by 2005.
