Adevinta operates leading online marketplaces in 15 countries. For real estate, the most famous are:
- France: LeBonCoin and avendrealouer
- Spain: fotocasa, habitaclia, vibbo, milanuncios
- Brazil: OLX
- Austria: Willhaben
- Hungary: jofogas
- Italy: subito
More news below, automatically translated from French as posted on LeBonCoin’s website (see original article).
Adevinta Signed an Agreement to Acquire eBay Classifieds Group, Creating World’s Largest Online Classifieds Group
● Creation of a global leader in classifieds, with a diverse and complementary portfolio of assets and brands in 20 countries, reaching one billion people and generating three billion visits per month
● Strong combined financial profile, with an estimated turnover of 1.8 billion USD and an EBITDA of almost 600 million USD in 2019 [1]
● Significant synergy potential, estimated between 150 and 185 million USD of EBITDA within 3 years [2],
● eBay will receive 2.5 billion USD [3] in cash and approximately 540 million Adevinta shares (which represents 44% of Adevinta, but 33% in voting rights)
● Schibsted will concurrently acquire the Danish assets of eBay Classifieds Group for $ 330 million, reducing Adevinta’s cash payment to approximately $ 2.17 billion.
● The transaction is expected to close by the first quarter of 2021, subject to the approval of Adevinta shareholders and customary regulatory compliance checks
● Schibsted, who currently owns 59% of Adevinta’s shares, and Stiftelsen Tinius, who currently owns 6% of Adevinta’s shares, approved the transaction
● Upon completion of the transaction, Schibsted’s stake will decrease from 59% to approximately 33%
● Advinta’s board of directors unanimously approved the transaction, which is expected to create long-term value for all shareholders
Oslo, July 21, 2020 – Adevinta ASA (ADE) (“Adevinta” or the “Company”), today announces that it has entered into a definitive agreement to acquire 100% of eBay Classifieds Group4, the eBay Inc. (“eBay”) Classifieds Global Global Value of USD 9.2 billion. Under the terms of the deal, eBay will receive US $ 2.5 billion in cash6 and around 540 million Adevinta shares, equivalent to a 44% stake in Adevinta (“l ‘unified entity’). Adevinta will grant eBay (i) voting shares representing approximately 33.3% of the total voting rights and (ii) a new class of non-voting shares for the balance of its stake, which will then reach 44 %.
Adevinta is a 100% shareholder of the leboncoin Group.
[1] Based on IFRS and US GAAP accounting standards for Adevinta and eBay Classifieds Group, respectively. Advinta financial data for fiscal year 2019, including JVs, converted using EUR: USD exchange rate from 1.10 EBITDA adjusted from eBay Classifieds Group
[2] After the transaction is concluded. Over the three-year synergy implementation period, integration costs of USD 125 million are expected
[3] Subject to adjustments at the time of closing. Including consideration of USD 330 million, on a debt and cash free basis, in connection with the Danish assets of eBay Classifieds Group, which will be acquired by Schibsted