Eclipx to buy Grays eCommerce for $179m

Leasing company Eclipx has lifted first-half profit 23.4 per cent and announced it will acquire Grays eCommerce in a deal worth $179 million.

Commercial leasing group Eclipx has acquired local Ebay rival Grays eCommerce Group under a share swap deal worth $178.9 million.

Eclipx says the Grays board has approved the transaction, which should be finalised by August pending approval by Grays shareholders and the Federal Court.

The group on Thursday also said it had lifted net profit 23.4 per cent to $28.4 million for the six months to March 31.