The Australian online auction space is a hive of activity at the moment. eBay Australia is making big site changes, Tradingpost Auctions launches and now we hear the second biggest online auction site in Australia, Oztion.com.au, has been acquired today by Jumbuck Entertainment for $1million in cash, and $1million in Jumbuck shares.

Earn-out is based on revenue achieved for 2009/2010.

Owners Philip Druce and Kelvin Yip have 2 year management contracts with Jumbuck.

Full press release here.

Link to Jumbuck : www.jumbuck.com