By Matt Grossman

 

EBay Inc. said it plans to raise its share buybacks planned for this year following the completion of the transfer of its classifieds business to Adevinta.

EBay said it is updating its capital plan to buy back $5 billion of shares this year, compared with $2 billion under the previous plan.

Completing the deal with Adevinta has resulted in after-tax net cash proceeds of about $2 billion, eBay said. Responding to Austrian regulatory authorities' concerns, eBay said it plans to reduce its ownership stake in Adevinta to 33% or less in the next 18 months.

 

Write to Matt Grossman at matt.grossman@wsj.com

 

(END) Dow Jones Newswires

June 25, 2021 06:26 ET (10:26 GMT)

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