By Elena Vardon
eBay-backed Adevinta received a takeover bid from a consortium led by Permira and Blackstone, valuing the Norwegian online marketplace company at $13.17 billion.
The group said Tuesday that it entered into a transaction agreement with the buyer, who will offer 115 Norwegian krone ($10.75) per share in cash, depository receipts or a combination of both.
The offer price represents an around 53% premium to the volume weighted average price of NOK75.4 over the three months to Sept. 21, it added.
The Oslo-listed company said major shareholders eBay, Schibsted and Permira--which together hold a 72.3% stake in Adevinta--have committed to sell their shares in the offer. Permira and Blackstone, as well as investors General Atlantic and TCV, eBay and Schibsted will become the owners of the companies that will indirectly control Adevinta once the deal closes, Adevinta said.
eBay said in a separate statement that it would sell half of its Adevinta shares for around $2.2 billion as part of the deal and that it would exchange the remaining half for a 20% equity stake in the privately held group.
Adevinta was spun off from Norwegian media group Schibsted in 2019 and it bought eBay's classified-ads business in a deal worth $9.2 billion in cash and stock the following year. eBay is largest shareholder with a 33% stake, followed by Schibsted with a 28.1% stake while Permira holds 11.2% .
Adevinta's board is unable to make a recommendation to shareholders on whether to accept the offer as it sees the company as able to generate greater value than the cash consideration, it said.
The transaction is expected to be completed in the second quarter of 2024.
Write to Elena Vardon at email@example.com
(END) Dow Jones Newswires