New York (CNN Business) EBay is selling its StubHub ticketing businesses to Viagogo, a European rival, in a $4 billion deal.

The two companies announced the all-cash deal Monday. Once completed, the combined company will be massive: It expects to sell hundreds of thousands of tickets each day across more than 70 countries.

EBay interim CEO Scott Schenkel said in a press release that the transaction "maximizes long-term value for eBay shareholders" and concluded this was the "best path forward for both eBay and StubHub."

Schenkel replaced Devin Wenig, who stepped down as eBay's president and CEO in September.

Eric Baker, Viagogo's founder and CEO, said in a statement that he had long wished to combine the two rivals. He claims the merger "creates a win-win for fans."

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