Maxi sale of shares by the US e-commerce giant. Ebay has announced that it has reached an agreement with Permira for the sale of 125 million shares of Adevinta, a Norwegian online classifieds company, for $2,25 billion, all in cash. As a percentage it is about a share of 10,2% of Adevinta, sold at a 7% discount to the 10-day weighted average share price as of July 12.
Based on the announcement, once the necessary approvals have been obtained, the deal will close by the end of the year. Upon closing, eBay's stake in Adevinta will shrink from 44 to 34%. But there's more: eBay has granted Permira a 30-day option to purchase approximately 10 million additional shares at the same price, for an additional $180 million. If the London-based fund decides to exercise the option, eBay's stake in Adevinta will drop by a further 1%.
It should be emphasized that, according to the provisions of theagreement signed between eBay and Austrian regulators, the US group will have to reduce its ownership in Adevinta to 33% in order to obtain approval for the eBay Classifieds Group and Adevinta agreement. “Today's announced transaction with Permira provides a clear path to fulfill this commitment, delivering value to eBay's shareholders and introducing a world-class, experienced investor to Adevinta's shareholder base,” eBay said.
