eBay sells one of its businesses

The transaction is expected to close by Q1 2021

eBay Adevinta

eBay sells one of its businesses. Source: flickr.com

eBay will transfer its Classifieds business to Adevinta for a total consideration valued at nearly $9.2 billion.

According to information, eBay will receive $2.5 billion in cash and approximately 540 million Adevinta shares which would represent an equity stake of around 44%.

We are pleased we reached an agreement with Adevinta that brings together two great companies. eBay believes strongly in the power of community and connections between people, which has been essential to our Classifieds businesses globally. This sale creates short-term and long-term value for shareholders and customers while allowing us to participate in the future potential of the Classifieds business
Jamie Iannone, Chief Executive Officer, eBay Inc

The sale is subject to regulatory approvals and customary closing conditions. This includes approval by the affirmative vote of holders: at least 2/3 of the votes cast as well as of the share capital of Adevinta ordinary shares. They are represented in person or by proxy at a stockholder meeting.

The sale is also followed by consultation with competent works councils, other employee representation bodies, or employees where and to the extent required by applicable law.

We’ve reported that eBay has announced the acquisition of Cox Automotive Media Solutions which owns CarsGuide.com.au and Autotrader.com.au.

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