Adevinta has started the sale process of its Hungarian assets and announced it in its Q4 2022 report. The business has been under strategic review since November 2021.
“When we announced our new strategic plan in November 2021, we identified Hungary as one of our operations to be placed under strategic review. On 23 February 2023, we announced the launch of the sale process for Hungary, which was the last remaining business under strategic review. A sale of Hungary is not expected to have a material impact on the financial statements of the Group,” the company said in its report.
The fact that Adevinta may leave Hungary does not seem like a completely unexpected turn of events. In recent weeks, the company informed several partners that it is suspending some of its collaborations for cost-saving reasons.
“This may be related to the fact that Adevinta wants to be able to sell its assets in Hungary with the best possible financial indicators, that is, the company has started saving, and is pausing what is not absolutely necessary now,” said Hungarian news site Media1 in its report.
Adevinta Hungary operates in Hungary Jofogas.hu, which is a dominant general classified site in the country with around 15 million monthly visitors, according to SimilarWeb. In addition to Jofogas, the company also operates automotive vertical Hasznaltauto.hu, as well as niche auto-related sites Autónavigátor.hu, Nagyhaszon.hu and Autóalkatrész.hu.
Adevinta Hungary recorded revenue of HUF4.4 billion ($11.9 million U.S.) in FY2021, a 7.3% year-on-year increase from HUF4.1 billion in FY2020.