EBay agrees to sell stake in Adevinta in Blackstone, Permira buyout deal

Adevinta's stock (NO:ADE) (ADEVY) was in the spotlight on Wednesday after Permira and Blackstone Inc. (BX) on Tuesday said they are offering to buy all of the outstanding ordinary Class A shares in the Norway-based online classified advertising company for $13 billion. Adevinta stock was up 5% in Norway on Wednesday, while its American depositary shares have not yet traded. EBay Inc. (EBAY) said it would sell half of its stake in Adevinta for about $2.2 billion and would exchange the remaining shares for an equity stake of approximately 20% in the company once it goes private. "We strongly support this offer, which we firmly believe is in the best interests of our shareholders," said EBay Chief Executive Jamie Iannone. The $2.2 billion amounts to a premium of more than 50% to the undisturbed price of Adevinta shares. Adevinta's independent special committee reviewing the deal said the cash portion of the offer should be increased to assure a positive recommendation by the board, but the private-equity firms have not chosen to do so. The bidders said they expect to complete the deal in the second quarter. Adevinta disclosed in September that it was being approached for a buyout deal.

-Steve Gelsi

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11-22-23 0805ET

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