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eBay (NASDAQ:EBAY) is selling its classified ad business to Norway’s Adevinta (OTCPK:ADEVF) for $9.2B in cash and stock, making the latter the largest online classifieds company globally.
As part of the transaction, eBay will receive $2.5B in cash and approximately 540M Adevinta shares – representing 44% ownership of the pro forma company and a ~33.3% voting stake – and making it the biggest shareholder of Adevinta.
The deal is expected to close by Q1 of 2021 and is forecast to create estimated annual synergies of $150M-185M within the next three years.
Adevinta is majority owned by Schibsted (OTCPK:SBSNF), which has agreed to vote in favor of the transaction and will acquire eBay Classifieds’ Danish entity.
EBAY +1.2% premarket
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Read More: eBay sells classified ads unit in $9.2B cash and stock deal (NASDAQ:EBAY)
