Big acquisition news today. Leading online marketplace and parent company to LebonCoin, Schibsted France SAS, and more, Adevinta ASA, has agreed to acquire 100% of eBay Classifieds Group. The acquisition is valued at US$9.2 billion.
Under the agreement, eBay will receive US$2.5 billion in cash and around 540 million shares of Adevinta, which represents a 44% stake in pro forma Adevinata. eBay will also receive 33.3% voting rights.
Rolv Erik Ryssdal, CEO of Adevinta, said:
“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.”
Combining the assets from both entities beings Europe a leading marketplace super-power.
Rolv Erik Ryssdal explained:
“This transaction demonstrates we are swiftly executing on the strategy we outlined at our IPO last year, and it brings further diversification through exposure to new markets with attractive margins and strong growth potential. Our close cultural alignment with eBay Classifieds Group will allow us to pursue a shared vision. We look forward to a smooth integration, welcoming eBay Classifieds Group employees to the Adevinta family.”
Jamie Iannone, CEO of eBay Inc, said:
“We are pleased that we reached an agreement with Adevinta that brings together two great companies. 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.”
Alessandro Coppo, SVP and GM, eBay Classifieds Group, said:
“This deal is a testament to the growth and potential of the eBay Classifieds business. We are excited for our local classifieds brands to join Adevinta and shape a global leader in an industry full of potential.”
A number of big hitters were involved in developing the agreement. Citigroup played Adevinta’s financial advisor while Skadden and BAHR were corporate legal counsel. Cleary Gottlieb Steen & Hamilton acted as the antitrust counsel.
On eBay’s end, Goldman Sachs and LionTree financially advised, whereas Wachtell, Lipton, and Rosen & Katz offered corporate legal counsel for the classifieds giant. Quinn Emanual Urquhart & Sullivan offered antitrust counsel.
Adevinta is a powerhouse of marketplaces across Europe with a number of brands under its belt. We have an easy-to-follow infographic on the subject here.