Merger creates net auction giant in Europe

British Internet auction house QXL.com has agreed to purchase Germany’s Ricardo.de in a stock swap worth $1 billion, thus creating Europe’s biggest Internet auctioneer. The deal values Ricardo at $115.12 a share.

Ricardo provides consumer-to-consumer and business-to-consumer online auction services. QXL provides online auction sites in nine languages across Europe. Analysts have been anticipating a consolidation in the European arena, the new operation, to be called QXL Ricardo, will have 1.17 million registered users, and will be listed on the London Stock Exchange and the Nasdaq.