eBay announced it has agreed to acquire GSI Commerce with the intention of boosting its e -commerce and interactive marketing services.

The San Jose, Calif.-based internet retail giant bought out GSI Commerce for $29.25 a share, or total consideration of approximately $2.4 billion. eBay announced the acquisition will be financed with cash and debt and is expected to close in the third quarter of 2011.

We intend to lead the next generation of commerce innovation. The acquisition of GSI, which offers the most comprehensive integrated suite of online commerce and interactive marketing services available, will significantly strengthen our ability to connect buyers and sellers worldwide, chief executive of eBay, John Donahoe, said in a statement.

Combined with eBay Marketplaces and PayPal, we believe GSI will enhance our position as the leading strategic global commerce partner of choice for retailers and brands of all sizes.

GSI Commerce says it can create webstores, multichannel retail outlets and deliver an order management system. It has a relationship with countless retailers, such as Toys 'R' US and the National Football League. In the fiscal year 2010, GSI Commerce had $1.36 billion in revenue, which was actually a loss of $36.5 million.

eBay has already announced plans to divest 100 percent of GSI's licensed sports merchandise business and 70 percent of ShopRunner and Rue La La. These offshoots, eBay says, are not core to its long-term business. The companies will combine to form a holding company led by GSI founder and CEO Michael Rubin.

The retail giant has lofty expectations for the transaction. By 2013, it expects synergies of approximately $60 million. Furthermore, it says it will be earnings per share neutral in 2011, and accretive this year.

The acquisition is subject to regulatory and GSI shareholder approval.

Retail National Football League California Ebay