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    ADE   NO0010844038

ADEVINTA ASA

(ADE)
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Adevinta, eBay clear final hurdle in $13 bln advertising tie-up

06/18/2021 | 05:14am EDT
FILE PHOTO: The eBay logo is pictured on a screen in New York

* Austrian competition authority OKs deal

* Firms will form world's No. 1 classified ads group

* Transaction worth $13 bln at current share price

* EBay must cut Adevinta stake to no more than 33%

OSLO, June 18 (Reuters) - U.S. e-commerce group eBay and Norway's Adevinta have secured final regulatory approval for a tie-up of their global classified ads businesses, the Norwegian firm said on Friday.

Under a deal struck last year, Adevinta will acquire eBay's Classifieds Group in return for $2.5 billion in cash and 540 million shares, valuing the transaction at around $13 billion at current stock market prices.

The final regulatory approval came from the Austrian competition watchdog after eBay agreed to reduce its ownership stake in Adevinta during the next 18 months, the Norwegian firm said.

The compromise removes the sole outstanding obstacle to the deal following a go-ahead from Britain's Competition and Markets Authority earlier this month.

"Adevinta is pleased to announce that closing of the transaction will be initiated shortly and is expected to complete on or about 25 June," the Oslo-listed company said in a statement.

The transaction makes eBay Adevinta's largest shareholder with an overall 44% stake and 33.3% of the vote, and gives the U.S. firm two seats on the company's board. Norway's Schibsted will hold around 39.5% of the votes.

But as part of the deal with Austria's Federal Competition Authority (FCA), eBay must reduce its financial interest in Adevinta to no more than 33% within 18 months of the transaction's closing, Adevinta said.

"The remedies proposed by Adevinta and eBay address the FCA's concern that the transaction could potentially lessen competition in the Austrian market," the company said.

Adevinta's shares were up 2.0% to 165.7 Norwegian crowns at 0917 GMT.

As part of the overall deal, Schibsted will buy eBay Classifieds Group's Danish assets from Adevinta for $330 million. (Editing by Gwladys Fouche and Mark Potter)


ę Reuters 2021
Stocks mentioned in the article
ChangeLast1st jan.
ADEVINTA ASA 2.00% 178.35 Real-time Quote.21.42%
EBAY INC. -0.01% 68 Delayed Quote.35.34%
SCHIBSTED ASA 3.22% 483.9 Real-time Quote.27.98%
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Financials
Sales 2021 1 277 M 1 512 M 1 512 M
Net income 2021 119 M 141 M 141 M
Net Debt 2021 2 143 M 2 536 M 2 536 M
P/E ratio 2021 172x
Yield 2021 0,09%
Capitalization 218 B 24 664 M 258 B
EV / Sales 2021 172x
EV / Sales 2022 115x
Nbr of Employees 3 917
Free-Float 14,4%
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Mean consensus OUTPERFORM
Number of Analysts 17
Last Close Price 178,35 NOK
Average target price 178,82 NOK
Spread / Average Target 0,26%
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Managers and Directors
Rolv Erik Ryssdal Chief Executive Officer
Uvashni Raman Chief Financial Officer
Orla Noonan Chairman
Renaud Franck Bruyeron Senior Vice President-Product & Technology
Sophie Constance Javary Independent Director
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