eBay Sells 125 Million Shares in Adevinta to Private Equity Firm Permira for $2.25 Billion
July 14 2021 - 3:47AM
Dow Jones News
By Dominic Chopping
E-commerce company eBay Inc. said Wednesday that it has agreed
to sell around 125 million of its shares in Adevinta ASA to private
equity firm Permira for $2.25 billion.
The sale sees eBay's stake in Norway's Adevinta fall to 34% from
44%, with Permira having an option to buy a further 10 million
shares for $180 million, which would bring eBay's stake down to
33%.
EBay last year agreed to sell its classifieds business to
Norway's Adevinta ASA in a cash and stock deal worth $9.2 billion
and has committed to reducing its stake in the Norwegian company to
33% in order to secure approval for the deal from Austrian
regulators.
"The transaction announced today with Permira provides a clear
path to satisfying this commitment, while delivering value to eBay
shareholders and introducing an experienced, world-class growth
investor to Adevinta's shareholder base," eBay said.
The sale of shares is expected to close in the fourth quarter of
2021.
Write to Dominic Chopping at dominic.chopping@wsj.com
(END) Dow Jones Newswires
July 14, 2021 03:42 ET (07:42 GMT)
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