Adevinta Gets $13.2 Billion Takeover Offer From Permira, Blackstone Consortium -- Update
21 Noviembre 2023 - 12:28PM
Noticias Dow Jones
By Elena Vardon
eBay-backed Adevinta received a takeover bid from a consortium
led by Permira and Blackstone, valuing the Norwegian online
marketplace company at $13.17 billion.
The group said Tuesday that it entered into a transaction
agreement with the buyer, who will offer 115 Norwegian krone
($10.75) per share in cash, depository receipts or a combination of
both.
The offer price represents an around 53% premium to the volume
weighted average price of NOK75.4 over the three months to Sept.
21, it added.
The Oslo-listed company said major shareholders eBay, Schibsted
and Permira--which together hold a 72.3% stake in Adevinta--have
committed to sell their shares in the offer. Permira and
Blackstone, as well as investors General Atlantic and TCV, eBay and
Schibsted will become the owners of the companies that will
indirectly control Adevinta once the deal closes, Adevinta
said.
eBay said in a separate statement that it would sell half of its
Adevinta shares for around $2.2 billion as part of the deal and
that it would exchange the remaining half for a 20% equity stake in
the privately held group.
Adevinta was spun off from Norwegian media group Schibsted in
2019 and it bought eBay's classified-ads business in a deal worth
$9.2 billion in cash and stock the following year. eBay is largest
shareholder with a 33% stake, followed by Schibsted with a 28.1%
stake while Permira holds 11.2% .
Adevinta's board is unable to make a recommendation to
shareholders on whether to accept the offer as it sees the company
as able to generate greater value than the cash consideration, it
said.
The transaction is expected to be completed in the second
quarter of 2024.
Write to Elena Vardon at elena.vardon@wsj.com
(END) Dow Jones Newswires
November 21, 2023 13:13 ET (18:13 GMT)
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