Adevinta Officially Under Offer—Majority of Shareholders Already Backing the Deal

On 22 December 2023, Adevinta officially became under offer by Aurelia Bidco Norway AS, the newly established acquisition vehicle with major backing by the Permira and Blackstone consortium.

A press release by Adevinta also named General Atlantic and TCV as investors, with a purchase price of NOK 115 per share ($11.3).

The offer price represents a premium of 54% to the volume-weighted average price of NOK 74.58 over the 3 months up to and including 19 September 2023 and; 51% to the volume-weighted average price of NOK 76.28 over the 6 months up to and including 19 September 2023.

Permira, Schibsted and eBay have already agreed to sell their combined circa 886 million shares, which essentially means the offer has a 72.3% majority backing already.

Shareholders can opt for payment in cash, shares in the new entity, or a 50-50 split of cash and new shares.

The offer will expire on 24 January 2024, with the buyout expected to complete in Q2 2024 subject to regulatory approvals and clearances.