EBay Sells Classified Unit to Adevinta for $9.2 bn
Ebay Inc has agreed to sell its classified ads business to Norwegian group Adevinta for $9.2 bn.
Ebay will receive $2.5 billion in cash and 540 million shares of Adevinta.
eBay Classifieds Group includes the Gumtree and Kijiji brands, and offers online ads to more than 1,000 cities around the world. The business posted an operating income of $83 million on revenue of $248 million in the first quarter of 2020.
"Adevinta becomes the largest online classifieds company globally, with a unique portfolio of leading marketplace brands," Adevinta CEO Rolv Erik Ryssdal said.