Oslo,14July 2021 - Adevinta ASA (ADE) ('Adevinta' or the 'Company') today welcomes the agreement between eBay Inc. ('eBay') and Permira, which will see eBay sell approximately 125 million shares to funds advised by Permira. This represents a 10.2% stake in Adevinta. On closing of this transaction, eBay will own 415million shares, representing a 34% stake in Adevinta. Dipan Patel, Permira Partner and Head of Consumer, will be appointed to Adevinta's Board of Directors.

  • eBay to sell a 10.2%stake in Adevinta to funds advised by global private equity firm Permira
  • Permira Partner Dipan Patel to be appointed to the Adevinta Board of Directors

Permira is a global private equity firm focused on transformational growth at scale. The firm advises funds with total committed capital of approximately €44bn. Permira has an extensive track record in investing at the intersection of consumer/prosumer and technology, having backed companies like Allegro, Mirakl, Klarna, LegalZoom, Flixbus, Catawiki, Boats Group, The Knot Worldwide, and Zwift.

Orla Noonan, Chair of the Adevinta Board, said:'We are pleased to welcome Permira as a strategic shareholder in Adevinta and Dipan Patel to the Board of Directors. They will bring their vast experience of integrating large-scale projects to our acquisition of eBay Classifieds Group.'

Rolv Erik Ryssdal, CEO Adevinta, commented:'Permira has a strong track record in investing in both online marketplaces and the broader technology sector. We are confident that Permira will be able to use this expertise to support Adevinta in capturing further value for all shareholders and ultimately add to our success as the global online classifieds leader.'

Dipan Patel said:'We have long been admirers of Adevinta and are delighted to make this investment. Adevinta is home to some of the most iconic marketplace brands, combining growth, scale, margin and economic resilience. With leading positions in 16 countries covering 1 billion consumers, the Company is situated right at the heart of the rapidly transforming auto, real estate and jobs end markets, as well as the second-hand economy at a critical juncture for sustainable commerce.'

Stefan Dziarski, Permira Partner in Frankfurt, said:'Adevinta is early in the development of its next generation business models for both its professional customers and consumers. The Company's growth ambitions, and the expertise required to deliver them, overlap perfectly with what Permira does best, and we are thrilled to be partnering with a world-class management team and board to realize the opportunity ahead.'

eBay has additionally granted Permira a 30-day option to purchase an additional 10 million shares at the same price. If Permira exercises the option, eBay's ownership in Adevinta will reduce to 33%.

The transaction is expected to close in Q4 2021, once Foreign Direct Investment approvals are secured.

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Adevinta ASA published this content on 14 July 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 14 July 2021 07:10:02 UTC.