
EBay has agreed to sell part of its stake in Norway’s Adevinta to private equity firm Permira for US$2.25 billion in cash, clearing the way for a tie-up between eBay and Adevinta’s classified ads businesses.
The deal comes after Austria’s Federal Competition Authority demanded eBay cut its holding in Adevinta to no more than 33% to approve their plan to create a world leader in classified ads.
Approval in Austria, which had raised concerns about the impact on competition in its market, was the last regulatory hurdle for the tie-up.
“The transaction announced today with Permira provides a clear path to satisfying this commitment, while delivering value to eBay shareholders,” the US e-commerce giant announced on Wednesday, July 14.
EBay will sell 125 million Adevinta shares, or a 10.2% stake, to Permira, leaving the US firm with a 34% holding. Permira has a 30-day option to buy an additional 10 million shares at the same price, reducing eBay’s stake to 33%.
Last year, Adevinta agreed to buy eBay’s Classifieds Group in return for US$2.5 billion in cash and 540 million shares, valuing the transaction at about US$13 billion at current stock market prices.
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