The transaction is currently expected to close in late third quarter or early fourth quarter of 2019, subject to customary closing conditions.
Reverb, which will operate as a standalone business when the deal closes, will enable Etsy to expand into a new vertical, with a similar strategy and business model.
Founded in Chicago in 2013 by David Kalt, CEO, Reverb is an online marketplace dedicated to buying and selling new, used, and vintage musical instruments, which leverages content, musician-focused eCommerce tools, a customer service team, and more. Sellers are generally individuals, brick and mortar retailers, dealers of all sizes, and high-profile artists, span many countries, with key markets including some of the same ones as Etsy, such as the U.S., Canada, UK, France, Germany and Australia.
A portion of each sale on the platform goes to Reverb Gives, which provides youth music programs all over the world with the instruments they need to make music.
Founded in 2005 and led by CEO Josh Silverman, Etsy is the global marketplace for unique and creative goods. It connects millions of buyers and sellers from nearly every country in the world.