Adevinta ASA (ADE) - Proposed Acquisition of eBay Classifieds Group: Update from the UK Competition & Markets Authority
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Oslo, 16 February 2021 - Today, Adevinta ASA (ADE) ("Adevinta" or the Company") confirms that the UK Competition and Markets Authority (CMA) has announced that it has concerns that Adevinta’s proposed acquisition of eBay Classifieds Group from eBay Inc ("eBay") could reduce competition in the UK, following its Phase 1 review.
Adevinta and eBay now have the opportunity to propose potential remedies to avoid the transaction being referred to further investigation. While Adevinta and eBay do not agree with the CMA’s reasoning, they will work constructively with the CMA and are confident in finding a suitable resolution.
Adevinta and eBay will together propose legally binding solutions to resolve the CMA’s competition concerns before the deadline of 23 February 2021. The CMA will then have five working days to consider whether to accept the solutions, or to refer the deal to an in-depth investigation. A further update will be provided in early March following this decision.
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.
Adevinta and eBay remain excited about the proposed transaction and look forward to closing.
Notes to Editor
Marie de Scorbiac
Head of Investor Relations
John Kiely / Latika Shah / Raeesa Chowdhury-King
+44 (0)7785 275665 / +44 (0)7950 671 948 / +44 (0)7885 802774
Adevinta is a global online classifieds specialist, operating digital marketplaces in 12 countries. The company provides technology-based services to connect buyers with sellers and to facilitate transactions, from job offers to real estate, cars, consumer goods and more. Adevinta’s portfolio includes more than 30 digital products and websites, attracting 1.3 billion average monthly visits. Leading brands include top-ranked leboncoin in France, InfoJobs and Milanuncios in Spain, and 50% of fast-growing OLX Brazil. Adevinta spun off from Schibsted ASA and publicly listed in Oslo, Norway in 2019. Adevinta is majority owned by Schibsted ASA and employs 4,700 people committed to supporting users and customers daily. Find out more at Adevinta.com.
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