Etsy, Inc. (NasdaqGS:ETSY) signed a definitive agreement to acquire Depop Limited for $1.6 billion on June 2, 2021. the transaction will be settled primarily of cash, subject to certain adjustments for Depop's working capital, transaction expenses, cash and indebtedness, and certain deferred and unvested equity for Depop management and employees. Etsy has sufficient funds consisting of $1.8 billion in cash, cash equivalents and short and long term investments on its balance sheet and an undrawn $200 million revolving credit facility. Depop reported a revenue of $70 million in the year 2020. Post completion of the transaction, Depop will remain headquartered in London and operate as a standalone marketplace run by its existing leadership team. The transaction is a subject to satisfaction of customary closing conditions, including antitrust review in the United States and the United Kingdom. The transaction is currently expected to close during the third quarter of 2021. The transaction is expected to be accretive to Etsy's top line growth rate and modestly dilutive to Etsy's adjusted EBITDA margin. Goldman Sachs & Co. LLC served as financial advisor, Deloitte as due diligence provider, and Ken Myers, Bomi Lee, Lynda Twomey, Stephen Gillespie, Ali Kongats, Mark Jansen, Jim Koenig, Brent Hoard, Sarah Borchers, Matthew Cantor, Liza Morgan and Matthew Damm of Fenwick & West LLP and Allen & Overy LLP served as legal advisors to Etsy. Credit Suisse served as financial advisor and Weil, Gotshal & Manges LLP served as legal advisor to Depop. Etsy, Inc. (NasdaqGS:ETSY) completed the acquisition of Depop Limited on July 12, 2021. Theo Godfrey of CMS Cameron McKenna Nabarro Olswang LLP acted as legal advisor to TempoCap Limited.