Two Australian online retail giants have merged.
Auction site Grays Online has merged with online value vendor DealsDirect under a new CEO, Mark Bayliss.
Grays will be listed under DealsDirect parent company Mnemon, which joined the Australian Stock Exchange in a backdoor listing earlier this year.
The two etailers are expected to have sales of around $500 million.
The new entity will be seven per cent owned by Grays shareholders with fund manager Caledonia having a 25 per cent stake in Grays.
Grays chairman Will Vicars will leave his position to take up a board role with Mnemon.