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March 6, 2006 / 10:18 AM

Trade Me sells for $463 million

WELLINGTON, New Zealand, March 6 (UPI) -- Australian media company John Fairfax Holdings has bought New Zealand's top Internet auction site, Trade Me, for $463 million.

Trade Me founder and chief executive Sam Morgan will continue to run the business, the Wellington Dominion Post said Monday.

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Wellington-based Trade Me has 1.2 million members who are expected to host 35 million auctions this year.

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John Fairfax

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