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Etsy completes $275M purchase of online music gear retailer Reverb

Etsy Inc. said Aug. 15 that it completed its acquisition of online music gear marketplace Reverb Holdings Inc. for $275 million in cash.

"We see significant potential in the Reverb marketplace and look forward to supporting them as they enable more and more music lovers around the world to buy, sell, connect, and learn," Etsy CEO Josh Silverman said in a statement.

Etsy, an e-commerce platform for handmade crafts and similar items, said Reverb will continue to operate as a stand-alone business following the closing of the deal.

It also said it will outline the impact of its acquisition of Reverb in the company's 2019 financial guidance, which will be released alongside its third-quarter results.