eBay has sold its holdings in Mercado Libre

Mercado Libre has been a successful South American ecommerce company for some years and eBay has been a significant investor for more than a decade. But now it seems like eBay is backing away.

As they say in a blog post: “Against this backdrop, eBay has decided to sell the majority of its stake in MercadoLibre, Inc., an online commerce platform in Latin America. The sale will enable us to realize a significant gain on our investment, and we intend to use the net proceeds in a manner consistent with our capital allocation strategy. Additional financial details pertaining to the transaction will be addressed on our Q3 2016 earnings call and in our upcoming Form 10-Q.”

Have you been affected?