Adevinta buys eBay’s ad business for USD9.2 billion

OSLO (AFP) – Norwegian online ad specialist Adevinta said yesterday it had reached a USD9.2 billion cash and shares deal to buy the classified ad business of eBay.

The “deal creates the world’s largest online classifieds group with an extensive footprint and leading marketplace brands”, said Adevinta. Under the terms of the deal, Adevinta will pay USD2.5 billion in cash to acquire eBay Classifieds Group which includes classified ad sites such as Gumtree in the US and Kijiji in Italy and Japan.

Adevinta will also hand over 540 million in shares to eBay, giving it 44 per cent of the capital.

Adevinta was spun last year out of media group Schibsted, which held onto a majority stake.