Britain’s markets watchdog has launched a full-scale investigation into eBay’s bid to create the world’s largest online business for classified ads.
The Competition and Markets Authority (CMA) has started examining eBay’s £7 billion (US$9.5 billion) deal with Norway’s Adevinta as part of a crackdown on digital monopolies.
The e-commerce giant is selling its classified ads business, which includes the hugely popular Gumtree website, to Adevinta for £1.8 billion (US$2.4 billion) in cash and 44% of the combined firm.
The deal will make eBay the largest shareholder in Norway’s Adevinta, which owns online ad websites in 20 countries and books annual revenues of £1.3 billion (US$1.77 billion).
Adevinta is one of a string of firms that has cashed in as people spend more time online during the pandemic.
The CMA is scrutinizing the deal because eBay’s classified ads unit owns both Gumtree and Motors.co.uk, which have millions of UK users between them.
Want more news? Subscribe to CPI’s free daily newsletter for more headlines and updates on antitrust developments around the world.
Featured News
DOJ Nears Antitrust Lawsuit Against Live Nation
May 14, 2024 by
CPI
Chile Proposes Legislation to Regulate Artificial Intelligence
May 14, 2024 by
CPI
Proposed NCAA Antitrust Settlement in the Works, Says Attorney
May 14, 2024 by
CPI
Senator Calls for Independent Cybersecurity Agency to Safeguard Consumer Data
May 14, 2024 by
CPI
Artificial Intelligence Threatens Global Job Market, Warns IMF Chief
May 14, 2024 by
CPI
Antitrust Mix by CPI
Antitrust Chronicle® – Ecosystems
May 9, 2024 by
CPI
Mapping Antitrust onto Digital Ecosystems
May 9, 2024 by
CPI
Ecosystems and Competition Law: A Law and Political Economy Approach
May 9, 2024 by
CPI
Ecosystem Theories of Harm: What is Beyond the Buzzword?
May 9, 2024 by
CPI
Open Ecosystems: Benefits, Challenges, and Implications for Antitrust
May 9, 2024 by
CPI