Avon said on Thursday it is buying online retailer eBay for about $25 a share.
The deal could help Avon’s struggling e-commerce business, which is struggling to make a dent in the $30 billion e-retail market, even as the online-only retail giant continues to struggle to compete against Amazon.
The acquisition is expected to close sometime in the first quarter of 2021, according to Reuters.
eBay declined to comment.
Avon shares fell 5.3% to $19.93.
The e-tailer has been struggling to attract buyers, with its stock having lost some of its recent gains.
Last month, it reported its first-quarter earnings for the year, which fell short of Wall Street expectations.
The stock was down $8.03 per share.
In August, the company posted a record-breaking first-half profit of $1.1 billion, a result that is more than double what the company reported last year.
The company’s profit margin fell to 20.6%, compared with 25.4% for the same period last year, the report said.
In October, Avon sold about 2.2 million items for the first time.