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Adevinta & eBay gets approval for advertising tie-up

June 21, 2021

Adevinta & eBay gets approval for advertising tie-up

U.S. e-commerce group eBay and Norway’s Adevinta have secured final regulatory for a tie-up of their worldwide classified ads businesses, the Norwegian firm said on Friday.

Under a deal struck last year, Adevinta will secure eBay’s Classifieds Group as a trade-off for $2.5 billion in cash and 540 million shares, valuing the transaction at around $13 billion at current stock market prices.

The final regulatory approval came from the Austrian competition watchdog after eBay agreed to reduce its ownership stake in Adevinta during the during the next one & a half years, the Norwegian firm said.

The compromise removes the sole outstanding obstacle to the deal following an approval from Britain’s Competition and Markets Authority recently.

“Adevinta is satisfied to announce that closing of transaction will be started in the blink of an eye and is expected to finish approximately by 25 June,” the Oslo-listed organization said in a statement.

The transaction makes eBay Adevinta’s largest shareholder with a generally 44% stake and 33.3% of the vote, and gives the U.S. firm two seats on the organization’s board. Norway’s Schibsted will hold around 39.5% of the votes.

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