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MarketScreener Homepage  >  Equities  >  Oslo Bors  >  Adevinta ASA    ADE   NO0010844038

ADEVINTA ASA

(ADE)
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Adevinta, eBay to sell UK units to secure $9.2 billion tie-up

03/02/2021 | 07:37am EDT
FILE PHOTO: An eBay sign at an office building in San Jose, California

OSLO (Reuters) - U.S. e-commerce group eBay and Norway's Adevinta planned to sell three smaller British units in order to secure regulatory approval for a long-planned tie-up of their global classified ads businesses, the two firms said on Tuesday.

Britain's Competition and Markets Authority (CMA) said last month Adevinta and eBay would have to resolve the watchdog's concerns before proceeding with their $9.2 billion deal.

In response, Adevinta and eBay said on Tuesday they had proposed to sell each company's primary classifieds operations in Britain, namely Shpock, Gumtree and Motors.co.uk.

The CMA told Reuters the move "may address the competition concerns our investigation raised". It said it had until April 29 to decide whether to accept the proposal and could extend that to June 28 if there were special reasons for doing so.

On a combined basis, the British businesses would have represented less than 5% of total consolidated revenue for the merged classified ads company, Adevinta and eBay said.

Under a deal struck last July, Adevinta will acquire eBay's classified ads business in return for $2.5 billion in cash and 540 million shares, making the U.S. firm Adevinta's largest shareholder with a 44% stake and 33.3% of the vote. EBay will also get two seats on Adevinta's board.

The CMA's review of the eBay-Adevinta deal is the latest probe of large digital mergers. The CMA said last month Viagogo must sell StubHub's international business after its $4.05 billion purchase of eBay's ticket-reselling business.

Ebay and Adevinta said on Tuesday they aimed to close the transaction in the second quarter of 2021, subject to final ratification by the CMA and regulatory approval in Austria.

Adevinta's share price, which fell last month on news of the CMA's objections to the deal, got a small boost in early trade on Tuesday before retreating to stand 0.2% higher by 1011 GMT.

(Reporting by Terje Solsvik; Editing by Kirsten Donovan and Edmund blair)

By Terje Solsvik


© Reuters 2021
Stocks mentioned in the article
ChangeLast1st jan.
ADEVINTA ASA -2.67% 129.55 Real-time Quote.-10.03%
EBAY INC. 0.45% 62.47 Delayed Quote.23.76%
SCHIBSTED ASA 3.37% 383.6 Real-time Quote.4.72%
All news about ADEVINTA ASA
04/06ADEVINTA ()  : publishes its 2020 Annual Report
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03/24ADEVINTA ASA  : (ADE) - Repurchase of shares, buy-back programme completed
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03/24ADEVINTA ASA  : (ADE) - Repurchase of shares, buy-back programme completed
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03/19ADEVINTA ASA  : (ADE) - Repurchase of shares by Adevinta ASA :
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03/11ADEVINTA  : ADE) – Repurchase of shares by Adevinta ASA
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03/11ADEVINTA ASA  : (ADE) - Repurchase of shares by Adevinta ASA :
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03/11SCHIBSTED ASA (SCHA/SCHB) - CAPITAL : 00 cet
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03/03ADEVINTA  : ADE) – Initiation of a share buyback
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03/03ADEVINTA ASA  : (ADE) - Initiation of a share buyback 
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03/03ADEVINTA ASA  : (ADE) – Initiation of a share buyback 
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Financials
Sales 2021 1 492 M 1 775 M 1 775 M
Net income 2021 213 M 253 M 253 M
Net Debt 2021 2 343 M 2 787 M 2 787 M
P/E ratio 2021 68,3x
Yield 2021 0,16%
Capitalization 8 752 M 10 392 M 10 410 M
EV / Sales 2021 7,44x
EV / Sales 2022 5,83x
Nbr of Employees 3 917
Free-Float 23,7%
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Technical analysis trends ADEVINTA ASA
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TrendsNeutralNeutralBullish
Income Statement Evolution
Consensus
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Mean consensus OUTPERFORM
Number of Analysts 13
Average target price 158,75 NOK
Last Close Price 129,55 NOK
Spread / Highest target 66,0%
Spread / Average Target 22,5%
Spread / Lowest Target -19,0%
EPS Revisions
Managers and Directors
NameTitle
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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