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Adevinta — M&A Activity 2021
Apr 27, 2021
3520_rns_2021-04-27_cd63f373-cf60-40c9-a542-837da27b805f.html
M&A Activity
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Adevinta ASA (ADE) issues update on undertakings offered to the UK Competition and Markets Authority (CMA)
Adevinta ASA (ADE) issues update on undertakings offered to the UK Competition and Markets Authority (CMA)
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THIS ANNOUNCEMENT DOES NOT CONSTITUTE AN OFFER OF ANY OF THE SECURITIES
DESCRIBED HEREIN.
Oslo, 27 April 2021 - Following an update by the UK Competition & Markets
Authority ("CMA") today, Adevinta ASA (ADE) ("Adevinta") confirms that it has
proposed Russmedia Equity Partners ("Russmedia") as an upfront buyer of Shpock,
Adevinta's primary classifieds operation in the UK.
The proposal of an upfront buyer for Shpock is part of a package of proposed
undertakings offered to the CMA to address the UK regulator's competition
concerns following its review of Adevinta's expected acquisition of eBay
Classifieds Group ("eCG").
The CMA's announcement today states that it considers Russmedia to be a suitable
purchaser of Shpock and that Adevinta's proposed undertakings, which also
includes the divestment of Gumtree UK and motors.co.uk, are appropriate to
remedy its competition concerns. The CMA has provisionally concluded that the
proposed undertakings will be effective and that it has no concerns about their
implementation.
Acceptance of the proposed undertakings, including Russmedia's acquisition of
Shpock, remain subject to a two-week public consultation process starting today
and final approvals by the CMA. The sale of Shpock would be expected to close
shortly after receipt of these approvals.
Adevinta and eBay remain excited about the expected combination of Adevinta and
eBay Classifieds Group and are targeting completion of the transaction in Q2
2021, subject to the CMA's final approval of the proposed undertakings and
regulatory approval in Austria.
-Ends-
Notes to Editor
Contacts for Adevinta
Mélodie Laroche
Head of Corporate Communications
+33 (0) 6 84 30 52 76
[email protected] / [email protected]
Marie de Scorbiac
Head of Investor Relations
[email protected] (mailto:[email protected])
John Kiely / Latika Shah / Raeesa Chowdhury-King
Edelman Smithfield
+44 (0)7785 275665 / +44 (0)7950 671 948 / +44 (0)7885 802774
Contact for Russmedia
Nicola Szekely, Managing Partner
+43 676 8800 5787
About Adevinta
Adevinta is a global online classifieds specialist, operating digital
marketplaces in 11 countries. The company provides technology-based services to
connect buyers with sellers and to facilitate transactions, from job offers to
real estate, cars, consumer goods and more. Adevinta's portfolio includes more
than 30 digital products and websites, attracting 1.3 billion average monthly
visits. Leading brands include top-ranked leboncoin in France, InfoJobs and
Milanuncios in Spain, and 50% of fast-growing OLX Brazil. Adevinta spun off from
Schibsted ASA and publicly listed in Oslo, Norway in 2019. Adevinta is majority
owned by Schibsted ASA and employs 4,700 people committed to supporting users
and customers daily. Find out more at Adevinta.com (http://www.adevinta.com).
About Russmedia
Russmedia Equity Partners invests in and operates online marketplaces,
aggregators and SaaS solutions. With 20 years' experience in successfully
investing in and operating digital companies, the company currently runs a
profitable portfolio of 19 digital platform businesses across six European
countries.
Russmedia Equity Partners is part of the Russmedia Group. What started as a
regional publishing house 100 years ago in Bregenz, Austria, is today regarded
as the most progressive multi-niche media company in Europe. Daily and weekly
newspapers, numerous online portals, printing, logistics, radio and IT services
are all under one roof at the Russmedia headquarters in Schwarzach, Austria.
Find out more at www.russmedia.com (http://www.russmedia.com).