Deals

EBay Sells Classified Unit to Adevinta for $9.2 Billion

Norwegian marketplace beat out Prosus, Blackstone for business
Starboard, Elliott had pressured EBay to sell non-core assets

Watch: Rolv Erik Ryssdal, chief executive officer at Adevinta ASA, discusses what his company will do with the classifieds unit they bought from EBay.Markets: European Open.” (Source: Bloomberg)

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By Spencer Soper and Thomas Seal

July 21, 2020 at 7:19 AM UTC

Updated on

July 21, 2020 at 10:58 AM UTC

This article is for subscribers only.

EBay Inc. agreed to sell its online classifieds business to Adevinta ASA for $9.2 billion, ending one of the largest auctions of the year. The Norwegian digital marketplace owner, now the largest business in that sector globally, is already looking ahead to its next deal.

The tie-up means EBay will get $2.5 billion of cash and 540 million shares in the Norwegian firm, the companies said in a statement on Tuesday. Shares in Adevinta rose as much as 39%.