Cramer questioned, however, why the company would take a $3 billion tax charge in order to repatriate $9 billion from overseas.
Instead, the company should have financed the money -- like Apple (AAPL) just did in its bond offering, with favorable interest rates.
Ultimately, the U.S. Treasury is the "winner," and eBay shareholders are the "losers" in this deal, Cramer said.
On the positive side, Cramer said eBay's PayPal business held its ground. Its StubHub business could have better sales on account of lower pricing in the future, he also said.
Turning to the energy space, Cramer said he has his eyes on the deal between Exelon (EXC) and Pepco Holdings (POM), with the former announcing it will purchase the latter for $27.25 per share.
Cramer said he doesn't care for Exelon's management, due to its decision to cut the company's dividend, but he said this deal does make sense. It will allow Exelon to expand its operations into favorable regions, while also opening the door to cost-cutting, Cramer said.
-- Written by Bret Kenwell in Petoskey, Mich.