Adevinta, announced on Tuesday the acquisition of Ebay for 9.2 billion, claiming to become the world's number one in online advertising....
Adevinta, announced on Tuesday the acquisition of Ebay for 9.2 billion, claiming to become the world's number one in online advertising. The transaction is expected to be completed by the first quarter of 2021.
The Norwegian online advertising specialist Adevinta, announced Tuesday the purchase of the assets of the American giant eBay in this field for nearly 9.2 billion dollars, claiming the birth of the world number one in the sector.
The transaction is expected to be completed by the first quarter of 2021.
Under the terms of the agreement to take control of eBay Classified Groups, which includes the Gumtree and Kijiji sites, Adevinta will pay eBay $2.5 billion in cash and 540 million shares corresponding to 44% of the capital, the Norwegian company said in a statement. On the other hand, eBay's voting rights will be capped at 33.3%, via certain non-voting shares, Adevinta specifies. The transaction is expected to be completed by the first quarter of 2021.
Born last year from a demerger with Schibsted, which until now remained its majority shareholder with approximately 59% of the capital, Adevinta is present in 15 countries in Europe, Latin America and North Africa.
As a result of the transaction, "Schibsted's share will fall from 59% to 33% of the capital," Adevinta said. The operation will enable the Norwegian group to double in size. At the close of the stock market on Friday evening, the group, whose shares were suspended due to an imminent announcement, was valued at nearly 7.4 billion euros.
In addition to Gumtree and Kijiji, eBay's online advertising business includes sites such as Mobile.de, Marktplaats, dba, Bilbasen, 2dehands, 2ememain, Vivanuncios, Automobile.it, Motors.co.uk, Autotrader (Australia), Carsguide (Australia) and eBay Kleinanzeigen.
According to several media sources, another specialist in online commerce, Prosus, and a consortium including the Blackstone and Hellman & Friedman funds were also in the running for the takeover.
Schibsted took over the Danish classifieds business of eBay for $330 million, reducing Adevinta's cash outlay to $2.17 billion.