Category: Business News
OSLO/LONDON (Reuters) – U.S. firm eBay Inc has agreed to sell its classified ads business to Norway’s Adevinta in a deal worth $9.2 billion, creating the world’s largest classifieds group, the companies said on Tuesday.
Under the deal, eBay will receive $2.5 billion in cash and 540 million shares of Adevinta, making it the largest shareholder with a 44% stake and 33.3% of the vote, they said.
“Adevinta becomes the largest online classifieds company globally, with a unique portfolio of leading marketplace brands,” Adevinta Chief Executive Rolv Erik Ryssdal said.
Read entire article HERE.