The Austrian Federal Competition Authority (AFCA) today accepted the commitments made by Adevinta and EBay to dispel competition concerns in the market, removing the final challenge for the former to acquire EBay Classifieds Group. The deal is expected to close next week.
It was agreed that EBay would reduce its “economic stake in Willhaben after the transaction to eliminate any incentive for anti-competitive behavior,” the FCA said in a statement.
Adevinta said “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,” Adevinta said in a separate statement. “Closing of the transaction will be initiated shortly and is expected to complete on or about 25 June, 2021.”
Norway-based marketplace operator Adevinta announced plans in July last year to acquire EBay Classifieds Group in a $9.2 billion deal.
Germany and the U.K. have already cleared the deal.