Global ecommerce giant EBay today announced that it is selling a 10.2% stake in Adevinta, the Oslo-based marketplace operator, to U.K.-based private equity firm Permira for approximately $2.3 billion.
“The transaction is expected to close in Q4 2021, once regulatory approvals are secured, and will reduce EBay’s ownership stake in Adevinta from 44% to 34%,” EBay said in a statement. “In addition, EBay has granted Permira a 30-day option to purchase approximately 10 million additional shares at the same price representing an additional $180 million in consideration. If Permira exercises the option, EBay’s ownership in Adevinta will reduce to 33%.”
The offer works out to about $18 a share, or about 10% lower than Adevinta’s last closing price at current exchange rates. The price represents a 7% discount to 10-day volume weighted average price, EBay said. Adevinta’s shares rose 1.2% to 177.80 kronor this morning in Oslo trading. The stock has gained 23% so far this year. EBay was little changed at $68.74 in New York on Tuesday.
Adevinta last month completed the $9.2 billion cash-and-stock acquisition of EBay Classifieds Group.
Permira has previously invested in Poland-based e-commerce and c-to-c giant Allegro and the Netherlands-based luxury marketplace Catawiki.
“Permira has a strong track record in investing in both online marketplaces and the broader technology sector. We are confident that Permira will be able to use this expertise to support Adevinta in capturing further value for all shareholders and ultimately add to our success as the global online classifieds leader,” Rolv Erik Ryssdal, CEO of Adevinta, said in a separate statement.