Etsy (ETSY) signed a letter agreement with eBay (EBAY) tied to the planned $1.2 billion sale of Depop, allowing continued investment in the business before the deal closes, Etsy said in a late Thursday filing.
Under the revised terms, eBay could owe Etsy up to an additional $136 million termination fee if the deal is terminated after July 31, excluding certain cases involving misconduct by Etsy.
The companies previously said they now expect the deal to close by the end of Q3, compared with an earlier target of Q2.
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