logo
  

EBay To Sell Part Of Its Adevinta Stake To Permira For $2.25 Bln - Quick Facts

eBay Inc. (EBAY) agreed to sell about 125 million shares of its stake in Adevinta to Permira for an estimated total consideration of $2.25 billion.

The price represents an about 7% discount to the 10-day volume weighted average price (VWAP) of Adevinta shares as of July 12.

eBay expects to close the deal in the fourth-quarter 2021, once regulatory approvals are secured. The deal will reduce eBay's ownership stake in Adevinta from 44% to 34%.

In addition, eBay has granted Permira a 30-day option to purchase about 10 million additional shares at the same price representing an additional $180 million in consideration. If Permira exercises the option, eBay's ownership in Adevinta will reduce to 33%.

As per recent deal with Austrian regulators, eBay committed to reduce its ownership in Adevinta to 33% to secure approval for the eBay Classifieds Group and Adevinta transaction. The transaction announced Wednesday with Permira provides a clear path to satisfying the commitment.

For comments and feedback contact: editorial@rttnews.com

Business News

Editors Pick
Twitter has rolled out the tipping feature called "Tips" for everyone around the globe using the microblogging site with more payment options to choose from, including cryptocurrencies such as Bitcoin. This is a new way for people to receive and show support on Twitter with money. The feature is currently available on iOS and will be available on Android over the coming weeks. Amazon.com has launched weekly Max-Your-Vax Sweepstakes to encourage their employees to get vaccinated against COVID-19. The sweepstakes began on August 6, 2021 and ends on October 21, 2021, with six draws during the sweepstakes period for 18 prizes worth nearly $2 million, including cash prizes, new vehicle or cash and vacation plus 40 hours of Paid Time Off. Target Corp. announced its plans to hire 100,000 seasonal team members at its stores across the country for this holiday shopping season, though fewer than previous years. With this, the company aims to invest in more flexible scheduling, training, pay and benefits for its existing team members. In a statement, the company said it is also offering around 5 million more hours to its existing staff.
Follow RTT