Etsy (ETSY) said Tuesday that it has agreed to sell its musical instrument marketplace, Reverb Holdings, to an affiliate of Servco Pacific and Creator Partners.
Financial terms of the deal, which is set to close in the coming months, were not disclosed.
Etsy said the decision to divest Reverb was driven by the company's efforts to focus on its core Etsy marketplace and its Depop unit.
Shares of Etsy were up 4% in recent trading on Tuesday.
Price: 46.32, Change: +1.78, Percent Change: +4.00
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