Schibsted ASA (SCHA/SCHB) – Schibsted supports Adevinta’s acquisition of eBay Classifieds Group, and acquires eBay Classifieds in Denmark - Seite 2

Rolv Erik Ryssdal, CEO of Adevinta, says: “With the acquisition of eBay Classifieds Group, Adevinta becomes the largest online classifieds company globally, with a unique portfolio of leading marketplaces  brands. We believe the combination of the two companies, with their complementary businesses, creates one of the most exciting and compelling equity stories in the online classifieds sector. This transaction demonstrates we are swiftly executing on the strategy we outlined at our IPO last year, and it brings further diversification through exposure to new markets with high margins and strong growth potential. Our close cultural alignment with eBay will allow us to pursue a shared vision.”

“We are pleased we reached an agreement with Adevinta that brings together two great companies,” said Jamie Iannone, Chief Executive Officer, eBay Inc. “eBay believes strongly in the power of community and connections between people, which has been essential to our Classifieds businesses globally. This sale creates short-term and long-term value for shareholders and customers, while allowing us to participate in the future potential of the classifieds business.

Schibsted will, with an ownership stake around 33 percent of the capital and around 39.5 percent of the votes, be represented in Adevinta’s Board of Directors with two representatives.

Closing of the transaction is expected by Q1 2021, and is subject to eBay Classifieds Group Dutch Works Council approval, shareholder approval in Adevinta, and regulatory approvals and customary closing obligations. As part of the transaction, Schibsted ASA and Blommenholm Industrier AS have irrevocably committed to vote in favor of the transaction in Adevinta’s general meeting. Further, Schibsted has entered into customary lock-up arrangements following the acquisition of eBay Classifieds, and agreed not to sell any shares during the first three months. For a period of up to 15 months, after the end of the three months lock-up, Schibsted will be bound by certain restrictions on sales of shares, and for a period of up to 18 months after this, Schibsted and eBay have agreed to mutual tag-along rights, subject to certain exceptions, if either party sells shares, as further detailed in Adevinta's stock exchange release published today.