Norway's Adevinta has won the auction to buy U.S. e-commerce firm eBay's classified ads unit for nearly US$9 billion, a source familiar with the ...
NEW YORK/LONDON: Norway's Adevinta has won the auction to buy the bulk of eBay's classified ads unit for nearly US$9 billion, with the U.S. e-commerce firm planning to keep a minority stake, two sources familiar with the matter told Reuters on Monday.
Activist investors Elliott Management Corp and Starboard Value had been pushing eBay to sell the unit and its ticket sales business since last January as part of a plan that could double the company's value.However at a second, three-hour meeting on Saturday, the board made a u-turn and decided to keep a stake in the business to retain customers and prevent competition between its classified and marketplace businesses, the source added.
EBay did not immediately respond to a Reuters request for comment, while a spokesman for Adevinta declined to comment.The eBay deal could help Adevinta, which at Friday's closing had a market capitalization of 79 billion crowns , double in size. Trading in its shares on the Oslo bourse was suspended earlier on Monday in anticipation of an announcement.
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