eBay announced Thursday it will acquire ticket selling site StubHub for about $310 million (£160m) in cash.

The auction giant said the deal is expected to close in the first quarter of this year. eBay said it will offer discuss the impact of the acquisition on its financial guidance in its quarterly earnings conference call on 24January.

StubHub started in 2000, designed to match buyers and sellers of tickets for live sports and entertainment events, within the boundaries of anti-scalping laws in force across most of the US. eBay said the acquisition will help to strengthen its own online ticket offerings. The move also eliminates a strong competitor in the online ticket resale sector.