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Adevinta — M&A Activity 2021
Mar 2, 2021
3520_rns_2021-03-02_3d6d8214-c3a3-48e0-b3a3-e1ff9b43b129.html
M&A Activity
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Adevinta ASA (ADE) and eBay Issue Update on Proposed Transaction of eBay Classifieds Group
Adevinta ASA (ADE) and eBay Issue Update on Proposed Transaction of eBay Classifieds Group
The UK Competition and Markets Authority accepts remedies in principle
NOT FOR DISTRIBUTION OR RELEASE, IN WHOLE OR IN PART, DIRECTLY OR INDIRECTLY, IN
OR INTO THE UNITED STATES OF AMERICA, AUSTRALIA, CANADA, HONG KONG OR JAPAN, OR
ANY OTHER JURISDICTION IN WHICH THE DISTRIBUTION OR RELEASE WOULD BE UNLAWFUL.
THIS ANNOUNCEMENT DOES NOT CONSTITUTE AN OFFER OF ANY OF THE SECURITIES
DESCRIBED HEREIN.
Oslo, 2 March 2021 - Today, Adevinta ASA (ADE) ("Adevinta") confirms that the UK
Competition and Markets Authority (CMA) has announced that it considers there
are reasonable grounds to believe that the remedies presented by Adevinta and
eBay address their concerns in respect of Adevinta's proposed acquisition of
eBay Classifieds Group.
The remedies proposed by Adevinta and eBay are the divestment of each company's
primary classifieds operations in the UK: Shpock, Gumtree (UK) and Motors.co.uk.
These remedies have been proposed in response to the competition concerns raised
by the CMA on 16 February.
In 2019, eBay Classifieds Group's UK business accounted for less than 10% of its
consolidated revenues and Adevinta's UK business accounted for only 1% of its
consolidated revenues. On a combined basis, the UK would represent less than 5%
of total consolidated revenues.
Adevinta and eBay remain excited about the proposed combination of Adevinta and
eBay Classified Group and now target closing the transaction in Q2 2021, subject
to final ratification of the remedies execution plan by the CMA and receipt of
outstanding 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] (mailto:[email protected])
/[email protected] (mailto:[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
[email protected] (mailto:[email protected])
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).
This information is subject to the disclosure requirements pursuant to Section
5-12 the Norwegian Securities Trading Act