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Illustration: Aïda Amer/Axios

OfferUp, a Bellevue, Washington-based peer-to-peer marketplace for local goods, agreed to buy New York-based rival Letgo in an all-stock deal.

Why it matters: This is one of the few deals that was helped, not hurt, by the coronavirus pandemic. Sources say that the two companies had been discussing a tie-up for more than a year, but talks intensified as America's economy began shutting down — a crisis leading to compromise.

  • OfferUp also raised $120 million of new funding led by Letgo majority investor OLX Group (the classifieds unit of Naspers), which will hold a 40% stake in the combined company. Existing OfferUp investors Andreessen Horowitz and Warburg Pincus also participated.
  • Up & down: OfferUp CEO Nick Huzar tells Axios the transaction volume hasn't been too negatively affected over the past few weeks, but that the types of items sold have changed. For example, there have been massive spikes in the home/garden and video game categories, while things like jewelry have sagged.

The bottom line:

"The acquisition will see two of the largest third-party buying and selling marketplaces — outside of Craigslist, eBay and Facebook Marketplace, of course — become a more significant threat to the incumbents. Together, the new entity will have more than 20 million monthly active users across the U.S. For consumers, the deal means they’ll no longer have to list in as many apps when looking to unload some household items, electronics, furniture or whatever else they want to sell."
Sarah Perez, TechCrunch

Go deeper

Biden will reverse Trump's attempt to lift COVID related travel restrictions

Photo: Tasos Katopodis via Getty

The incoming Biden administration will reverse President Trump's last-minute order to lift COVID-19 related travel restrictions, Jen Psaki, the incoming White House press secretary, tweeted.

Why it matters: President Trump ordered entry bans lifted for travelers from the U.K., Ireland, Brazil and much of Europe to go into effect Jan. 26, but the Biden administration will "strengthen public health measures around international travel in order to further mitigate the spread of COVID-19," Jen Psaki said. Biden will be inaugurated on Wednesday, Jan. 20 and Trump will no longer be president by the time the order is set to go into effect.

Dominion sends cease and desist letter to My Pillow CEO Mike Lindell

Photo: Stephen Maturen/Getty Images

Dominion Voting Systems on Monday sent a cease and desist letter to My Pillow CEO Mike Lindell over his spread of misinformation related to the 2020 election.

Why it matters: Trump and several of his allies have pushed false conspiracy theories about the company, leading Dominion to take legal action. It's suing pro-Trump lawyer Sidney Powell for defamation and $1.3 billion in damages, and a Dominion employee has sued Trump himself, OANN and Newsmax.

Off the Rails

Episode 5: The secret CIA plan

Photo illustration: Aïda Amer, Sarah Grillo/Axios. Photo: Zach Gibson/Getty Images

Beginning on election night 2020 and continuing through his final days in office, Donald Trump unraveled and dragged America with him, to the point that his followers sacked the U.S. Capitol with two weeks left in his term. This Axios series takes you inside the collapse of a president.

Episode 5: Trump vs. Gina — The president becomes increasingly rash and devises a plan to tamper with the nation's intelligence command.

In his final weeks in office, after losing the election to Joe Biden, President Donald Trump embarked on a vengeful exit strategy that included a hasty and ill-thought-out plan to jam up CIA Director Gina Haspel by firing her top deputy and replacing him with a protege of Republican Congressman Devin Nunes.