M&A Activity • Jun 18, 2021
M&A Activity
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18.6.2021 10:59:48 CEST | Schibsted | Inside information
Following an announcement by the Austrian Federal Competition Authorities (the "FCA") today, Schibsted ASA confirms that the FCA has approved the remedies proposed by Adevinta ASA ("Adevinta") and eBay Inc. ("eBay") to resolve the competition concerns raised by the FCA in relation to Adevinta's acquisition of eBay Classifieds Group ("eCG"), the global classifieds arm of eBay ("the transaction").
The remedies proposed by Adevinta and eBay address the FCA's concern that the transaction could potentially lessen competition in the Austrian market between eBay.at and Willhaben, Adevinta's joint venture business in Austria. The commitments include a reduction by eBay of its financial interest in Adevinta to at least 33% within 18 months following closing of the transaction, so as to reduce its indirect economic interest in Willhaben. Additionally, Adevinta has agreed to prevent the flow of information about Willhaben to eBay, as well as to restrict eBay's potential influence over the strategic operations of Willhaben.
Approval of the remedies from the FCA marks a significant milestone, as all regulatory approvals required for closing the transaction have now been received. Consequently, Adevinta announces that closing of the transaction will be initiated shortly and is expected to complete on or about 25 June 2021.
Schibsted's acquisition of eBay Classifieds' Danish businesses, DBA.dk and Bilbasen.dk, will be completed immediately upon closing of the transaction between Adevinta and eBay.
Schibsted remains supportive of the proposed transaction and looks forward to closing.
The companies involved will make further announcements once the transactions have been completed.
Oslo, 18 June 2021
SCHIBSTED ASA
Adevinta:
Mélodie Laroche
Head of Corporate Communications, Adevinta
+33 (0) 6 84 30 52 76
[email protected] / [email protected]
Atle Lessum
Head of Group Communications
+47 415 05 645
Malin Langtvet Investor Relations Officer +47 916 86 710 [email protected]
This information is subject to the disclosure requirements pursuant to Section 5-12 of the Norwegian Securities Trading Act.
Schibsted is a family of digital brands with a strong Nordic position, and more than 5,000 employees. Millions of people enjoy interacting with our companies every day through our online marketplaces such as FINN, Blocket and Oikotie; our media houses including Aftenposten, VG and Aftonbladet; and digital services like Lendo. We also help new promising businesses grow. Our joint mission of empowering people in their daily lives is rooted in the values of our media heritage and a legacy of bold change. At our best, we are a fearless force for change in a society built on trust and transparency.
Schibsted is listed on Oslo Børs and holds a majority ownership in Adevinta, a company that was spun off and publicly listed as a separate company on Oslo Børs in 2019.
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