EBay to buy Rent.com for $415 million

EBay Inc. said on Friday it would buy Rent.com, an Internet housing rental listing service, for $415 million in a deal that gives it access to a new segment of the online real estate market.

Under the terms of the deal, eBay, the world’s largest online marketplace, would pay about $385 million in stock and $30 million in cash for privately held Rent.com. The deal is expected to close in the first quarter of next year.

Rent.com, launched in 2001 and based in Santa Monica, California, allows apartment owners and managers to list properties on its Web site for free and pay fees only when the listings result in leases.

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The acquisition is expected to add “slightly” to eBay’s 2005 earnings per share, before items, and is expected to dilute 2005 earnings per share, after items, eBay said in a statement.

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Rent.com expects to post revenue this year of more than $40 million.

EBay shares on Thursday closed at $115.70 on the Nasdaq.