04122021Mon
Last updateMon, 12 Apr 2021 10am
>>

Adevinta and eBay Issue Update on Proposed Transaction of eBay Classifieds Group

The UK Competition and Markets Authority accepts remedies in principle

Today, Schibsted ASA confirms that the UK Competition and Markets Authority (CMA) has announced that it considers there are reasonable grounds to believe that the remedies presented by Adevinta ASA (ADE) and eBay Inc. (NASDAQ: EBAY) address their concerns in respect of Adevinta’s proposed acquisition of eBay Classifieds Group.

The remedy proposed by Adevinta and eBay is the divestment of each company's primary classifieds operations in the UK: Shpock, Gumtree (UK) and Motors.co.uk. These remedies have been proposed in response to the competition concerns raised by the CMA on 16 February.

In 2019, eBay Classifieds Group’s UK business accounted for less than 10% of its consolidated revenues and Adevinta’s UK business accounted for only 1% of its consolidated revenues. On a combined basis, the UK would represent less than 5% of total consolidated revenues.

Adevinta and eBay remain excited about the proposed combination of Adevinta and eBay Classified Group and now target closing the transaction in Q2 2021, subject to final ratification of the remedies execution plan by the CMA and receipt of outstanding regulatory approval in Austria.

Schibsted’s acquisition of eBay Classifieds’ Danish businesses, DBA.dk and Bilbasen.dk, will be completed once the transaction between Adevinta and eBay has been closed.

Schibsted remains supportive of the proposed transaction and looks forward to closing.
www.schibsted.com

 

comments

Related articles

  • Latest Post

  • Most Read

  • Twitter

Who's Online

We have 6658 guests and one member online

We use cookies on our website. Some of them are essential for the operation of the site, while others help us to improve this site and the user experience (tracking cookies). You can decide for yourself whether you want to allow cookies or not. Please note that if you reject them, you may not be able to use all the functionalities of the site.