Online art seller Etsy says it’s buying London-based privately held fashion marketplace Depop for $1.625 billion. Etsy said the price is subject to adjustments for working capital, transaction expenses, cash and indebtedness, and deferred and unvested equity for Depop management and employees. Depop recorded revenue of $70 million in 2020, and its gross merchandise sales have grown at an annual rate of nearly 80% from 2017 to 2020. Depop is expected to add to Etsy’s top line growth rate and modestly dilute Etsy’s adjusted EBITDA margin, the company said. Goldman Sachs advised Etsy, and Credit Suisse advised Depop.

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