Adevinta to acquire eBay Classifieds Group, eBay Classifieds in Denmark
Topics: ADEVINTA EBAY DENMARK
Related to the transaction, Schibsted will acquire eBay Classifieds’ leading online classifieds businesses DBA.dk and Bilbasen.dk in Denmark.
Adevinta will acquire eBay Classifieds for a headline value of approximately USD 9.2 billion. Under the terms of the agreement, eBay shall receive USD 2.5 billion in cash and approximately 540 million shares of Adevinta, representing a 44 percent stake in pro forma Adevinta.
Adevinta will issue to eBa voting shares representing approximately 30 percent of the total voting rights, and new class of non-voting shares for the remainder of its 44 percent stake. The transaction implies that Schibsted’s ownership stake in Adevinta will decrease from 59 percent to approximately 33 percent.
The acquisition will create the largest online classifieds group in the world, with market presence in 20 countries, covering one billion people with three billion visits every month.
Schibsted will, with an ownership stake around 33 percent of the capital and around 39.5 percent of the votes, be represented in Adevinta’s Board of Directors with two representatives.
Closing of the transaction is expected by Q1 2021, and is subject to eBay Classifieds Group Dutch Works Council approval, shareholder approval in Adevinta, and regulatory approvals and customary closing obligations.
As part of the transaction, Schibsted ASA and Blommenholm Industrier AS have irrevocably committed to vote in favor of the transaction in Adevinta’s general meeting. Further, Schibsted has entered into customary lock-up arrangements following the acquisition of eBay Classifieds, and agreed not to sell any shares during the first three months.
For a period of up to 15 months, after the end of the three months lock-up, Schibsted will be bound by certain restrictions on sales of shares, and for a period of up to 18 months after this, Schibsted and eBay have agreed to mutual tag-along rights, subject to certain exceptions, if either party sells shares, as further detailed in Adevinta's stock exchange release published today.
Schibsted has entered into an agreement with Adevinta to acquire eBay Classifieds’ leading classifieds business in Denmark, DBA.dk and Bilbasen.dk.
On 16 July, Schibsted announced the acquisition of Oikotie, a leading online classifieds business for jobs and real estate in Finland. This means that Schibsted is expanding its online classifieds position in the Nordics, taking the driver’s seat in Norway, Sweden, Finland and now Denmark.
With the transactions in Finland and Denmark, Schibsted’s Nordic Marketplaces covers a population of around 26 million, and is significantly strengthening the medium and long term growth potential for the company. ■