Schibsted ASA (SCHA/SCHB) – Schibsted supports Adevinta’s acquisition of eBay Classifieds Group, and acquires eBay Classifieds in Denmark

Adevinta ASA today announced a definitive agreement with eBay Inc. to acquire 100 percent of eBay Classifieds Group (“eBay Classifieds”). Related to the transaction, Schibsted will acquire eBay Classifieds’ leading online classifieds businesses DBA.dk and Bilbasen.dk in Denmark.

Adevinta will acquire eBay Classifieds for a headline value of approximately USD 9.2 billion¹. Under the terms of the agreement, eBay shall receive USD 2.5 billion in cash and approximately 540 million shares of Adevinta, representing a 44 percent stake in pro forma Adevinta (the “combined entity”). Adevinta will issue to eBay (i) voting shares representing approximately 33.3 percent of the total voting rights, and (ii) new class of non-voting shares for the remainder of its 44 percent stake. The transaction implies that Schibsted’s ownership stake in Adevinta will decrease from 59 percent to approximately 33 percent.

“Schibsted’s Board of Directors and management strongly supports the agreement between Adevinta and eBay, as we are confident that it will further strengthen the value creation potential for Schibsted and the rest of Adevinta’s shareholders,” Kristin Skogen Lund, CEO of Schibsted, says.

The acquisition will create the largest online classifieds group in the world, with market presence in 20 countries, covering one billion people with three billion visits every month.

“This transaction will imply an amalgamation of two of the most competent and innovative operators of online classifieds services in the world, and is expected to generate material synergies. Additionally, the Adevinta stock is expected to become increasingly attractive for investors, with a significantly larger market capitalization and most likely also increased liquidity over time. Adevinta will, as the world’s largest online classifieds group globally, be equipped to be a leading force in future consolidation of the online classifieds industry,” Skogen Lund says.

Skogen Lund continues: “Schibsted intends to continue to contribute to the value creation for all Adevinta shareholders as a significant long-term anchor shareholder. The reduced ownership stake in Adevinta is consistent with the strategy we communicated when we announced the demerger of Adevinta. We have been open to reducing our ownership stake in Adevinta in case of a truly value creative opportunity, and the acquisition of eBay Classifieds is indeed such an opportunity.”