Ebay nears $10 billion sale of classified ads unit

Updated: Jul 21, 2020

Ebay called a board meeting on Friday to select a buyer for its classified ads business in a deal potentially worth up to $10 billion.

Ebay will need to decide between two all-cash bids - submitted by online retailer Prosus and a private equity consortium - and a third cash-and-share offer from Norwegian classifieds group Adevinta, Ebay's classified business includes brands such as Gumtree and Kijiji and offers online ads to more than 1,000 cities around the world.

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