eBay has sold its classified ads business unit in a deal that will create the world’s largest online classifieds company.
It has been revealed by eBay that they have entered into a definitive agreement to sell its Classified Group to Norway’s Adevinta ASA for $9.2bn in cash and stock. The deal will make eBay the largest shareholder of Adevinta, a global online classifieds specialist, operating digital marketplace in 15 countries.
“We are pleased we reached an agreement with Adevinta that brings together two great companies,” said Jamie Iannone, CEO, eBay Inc. “eBay believes strongly in the power of community and connections between people, which has been essential to our Classifieds businesses globally. This sale creates short-term and long-term value for shareholders and customers, while allowing us to participate in the future potential of the Classifieds business.”
“With the acquisition of eBay Classifieds Group, Adevinta becomes the largest online classifieds company globally, with a unique portfolio of leading marketplace brands. We believe the combination of the two companies, with their complementary businesses, creates one of the most exciting and compelling equity stories in the online classifieds sector,” said Rolv Erik Ryssdal, CEO of Adevinta. “We have been impressed with eBay Classifieds Group’s achievements in recent years, leading across markets with nationally recognized brands including Mobile.de, Gumtree, Marktplaats, dba, Bilbasen, Kijiji, 2dehands, 2ememain, Vivanuncios, Automobile.it, Motors.co.uk, Autotrader (Australia), Carsguide (Australia), and eBay Kleinanzeigen, and innovating consistently across its product portfolio and advertising technology platform.”
