On 22 Dec, the consortium seeking to acquire Adevinta formerly issued its voluntary offer, according to a press release from the latter. 

The offerer, Aurelia Bidco Norway AS, is a newly established acquisition vehicle with commitments from funds advised by Permira Advisers LLP and The Blackstone Group International Partners LLP, as well as General Atlantic and TCV. 

It is offering NOK115 ($11.30 U.S.) per share, valuing the company at NOK141 billion ($13.9 billion). 

The offer price represents a premium of 51% to the volume-weighted average price of NOK76.28 over the six months up to and including 19 September 2023 (the day before the initial offer for the company was made). 

The offer has already been accepted by the company’s three largest shareholders — Permira, Schibsted and EBay — which own 72.3% of Adevinta’s issued shares.

Shareholders can opt for payment in cash, shares in the new entity or a 50-50 combination of the two. This may make the deal more palatable to some smaller shareholders by enabling them to benefit from the company’s future growth. 

However, according to the press release, “The aggregate maximum number of Depository Receipts available to Adevinta shareholders under the 100% Share Alternative and the 50% Share Alternative is limited to 10% of the fully diluted share capital of the Issuer upon completion of the Offer.”

The offer period expires on 24 Jan next year.

Spun off from Norway-based Schibsted in 2019, Adevinta owns and operates marketplaces — such as LeBonCoin, Mobile.de, Marktplaats and Milanuncios — across five Western European markets — Germany, France, Italy, Spain and Benelux.

Print Friendly, PDF & Email

Related Articles