Permira Advisers Ltd. entered into an agreement to acquire 12.16% stake in Adevinta ASA (OB:ADE) from Ebay International Management B.V. for $2.3 billion on July 13, 2021. eBay will sell approximately 125 million shares to funds advised by Astinlux Finco S.À R.L. The consideration shall be paid in cash and the price represents an approximate 7% discount to the 10-day volume weighted average price (VWAP) of Adevinta shares as of July 12, 2021 and a 5% discount to the 30-day VWAP as of July 12, 2021. On closing of the transaction, eBay will own 415 million shares, representing a 34% stake in Adevinta.

The transaction will reduce eBay's ownership stake in Adevinta from 44% to 34%. In addition, eBay has granted Astinlux Finco S.À R.L. a 30-day option to purchase approximately 10 million additional shares at the same price representing an additional $180 million in consideration. Astinlux Finco S.À R.L. has sufficient immediately available funds or binding equity financing commitments to enable it to make all payments required to be made by it hereunder.

Dipan Patel, Astinlux Finco S.À R.L. Partner and Head of Consumer, will be appointed to Adevinta's Board of Directors. The transaction requires Foreign Direct Investment approvals and is expected to close in fourth quarter 2021. Markus Paul, Uwe Salaschek, Philipp Dohnke and Olga Stürmer of Freshfields Bruckhaus Deringer (Germany) and Dag Erik Rasmussen of Wikborg Rein & Co.

acted as legal advisors for Permira. Karessa L. Cain of Wachtell, Lipton, Rosen & Katz LLP acted as legal advisor for eBay. George Karafotias of Shearman & Sterling LLP represented Citigroup Global Markets Limited as financial advisor to Adevinta ASA.

Lorenzo Corte of Skadden, Arps, Slate, Meagher & Flom (UK) LLP acted as legal advisor for Adevinta ASA.