Next step in the potential going-private deal for Adevinta? Lining up the money.

Bloomberg reported Wednesday Oct. 18 (subscription required) that Apollo Global Management Inc. and Goldman Sachs Asset Management, along with four other companies, were working on a €4.5 billion ($4.8 billion U.S.) loan to finance the buyout.

Adevinta announced Sept. 21 that a consortium led by two private equity groups, Permira and Blackstone, had made a non-binding offer for the company. The company’s two largest shareholders, Schibsted ASA and EBay Inc., wasted no time in expressing their support.

Since then, two Scandinavia-based investment funds with holdings in Oslo-headquartered Adevinta have criticized Schibsted’s apparent eagerness to accept the takeover bid, and a Bloomberg columnist described the potential sale as “the latest test of whether minority shareholders can avoid being harmed by alliances between private equity and larger fellow investors.”

Columnist Chris Hughes wrote that Adevinta was a “cracking” opportunity for private equity if it could raise its profit margins closer to those of its peers.

Bloomberg said companies participating with Apollo and Goldman in the financing plan include Sixth Street Partners, HPS Investment Partners, Intermediate Capital Group and Blackstone’s own credit unit. It attributed the report to “people familiar with the matter who aren’t authorized to speak publicly.”

Bloomberg asserted that if the loan was finalized, it would be the largest-ever direct-lending deal in Europe.

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