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Oslo, 18 June 2021 - Following an announcement by the Austrian Federal Competition Authorities (the “FCA”) today, Adevinta ASA (ADE) (“Adevinta”), confirms that the FCA has approved the remedies proposed by Adevinta and eBay Inc. (“eBay”) to resolve the competition concerns raised by the FCA in relation to Adevinta’s acquisition of eBay Classifieds Group (“eCG”), the global classifieds arm of eBay (“the transaction”).
The remedies proposed by Adevinta and eBay address the FCA’s concern that the transaction could potentially lessen competition in the Austrian market between eBay.at and Willhaben, Adevinta’s joint venture business in Austria. The commitments include a reduction by eBay of its financial interest in Adevinta to at least 33% within 18 months following closing of the transaction, so as to reduce its indirect economic interest in Willhaben. Additionally, Adevinta has agreed to prevent the flow of information about Willhaben to eBay, as well as to restrict eBay's potential influence over the strategic operations of Willhaben.
Approval of the remedies from the FCA marks a significant milestone, as all regulatory approvals required for closing of the transaction have now been received. Consequently, Adevinta is pleased to announce that closing of the transaction will be initiated shortly and is expected to complete on or about 25 June 2021. Adevinta will make a further announcement once the transaction has been completed.
Notes to Editor
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Marie de Scorbiac
John Kiely / Latika Shah / Raeesa Chowdhury-King
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Adevinta is a global online classifieds specialist, operating digital marketplaces in 9 countries. The company provides technology-based services to connect buyers with sellers and to facilitate transactions, from job offers to real estate, cars, consumer goods and more. Adevinta’s portfolio includes more than 30 digital products and websites, attracting 1.3 billion average monthly visits. Leading brands include top-ranked leboncoin in France, InfoJobs and Milanuncios in Spain, and 50% of fast-growing OLX Brazil. Adevinta spun off from Schibsted ASA and publicly listed in Oslo, Norway in 2019. Adevinta is majority owned by Schibsted ASA and employs 4,700 people committed to supporting users and customers daily. Find out more at Adevinta.com.
This information is subject to the disclosure requirements pursuant to Section 5-12 the Norwegian Securities Trading Act