Norway's Adevinta Is Buying eBay For $9 Billion

(CNN) — One of the oldest businesses on the internet just got sold for $9 billion.

One of the web's oldest businesses has a new owner.

The sale by eBay is part of a strategic review it announced in March 2019 under pressure from activist investors such as Elliott Management. EBay sold StubHub to Viagogo in November in a $4 billion deal.

Adevinta reportedly beat out private equity firm Blackstone and Prosus, part of South African media company Naspers, in the auction of eBay's classifieds group, which includes Gumtree, Australia's Autotrader and http://Motors.co.uk.

As part of the transaction, eBay will receive $2.5 billion in cash and 540 million Adevinta shares, or about 44% of the global online classifieds specialist. That will give eBay continued exposure to the classified ads business, while generating cash. Eoin McSweeney, CNN Business/@CNN

Source: CNN, full story

 

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