In a move that will expand its reach in the online ticket market, eBay has purchased event-ticket reseller StubHub for $310 million in cash.

eBay clarified in a statement that it plans to use its resources to allow StubHub to continue to scale its e-commerce business, Internet News reports. The purchase is still subject to regulatory and StubHub stockholder approval and is expected to close in the first quarter of this year, AuctionBytes adds.

StubHub was launched as an online marketplace for sporting and other events in 2000. To date, the company has partnered with sports teams in the NFL, NBA, NHL and top NCAA athletic programs, as well as media companies, including AOL.