Adevinta continued its divestment from Gumtree after agreeing the sale of Gumtree Australia, CarsGuide and Autotrader Australia to The Market Herald for a total cash consideration of AUD$60 million, with the sale expected to go through before the end of 2022.
Adevinta says it will use the funds from the sale to ease its leverage ratio.
The company also sold Gumtree South Africa for an undisclosed fee to venture capital firm Impresa Capital in July.
Adevinta had acquired the assets in 2020 as part of the wider acquisition of the eBay Classifieds Group, but put the business up for sale last year so it could focus on marketplaces in its core European and Latin American markets.
Antoine Jouteau, recently appointed CEO at Adevinta, said:
“The decision to divest our operations in Australia follows a strategic review to prioritise investment for growth in five core markets, in the pursuit of reducing complexity and accelerating the execution of our strategy.
"We are confident that The Market Herald is well positioned to create strong growth opportunities for Gumtree, CarsGuide and Autotrader, given their keen focus and expertise in the local Australian market. Adevinta will continue to support the Australian business and its employees during the transition, ensuring business continuity for users and customers. We congratulate The Market Herald on the acquisition and wish them continued success."
Adevinta's online global presence is extensive, including big-name portals Leboncoin in France, OLX Brazil and Fotocasa in Spain. The company is due to announce financial results for the first six months of the year next week, after mixed results in Q1.