Norway-based Adevinta has announced in a press release that “all required regulatory approvals” for the takeover of the company by Aurelia Bidco Norway AS have been received.

Aurelia Bidco is a consortium led by investment companies Blackstone and Permira.

As a result, “the settlement of the offer is expected to be made to shareholders having accepted the offer on 29 May 2024.”

“Each accepting shareholder who has elected to receive cash consideration will receive NOK115 [$10.46 U.S.] per share paid in cash.”

“Each Accepting Shareholder who has chosen to receive depository receipts representing shares in an indirect parent company of the Offeror, by way of opting for the 100% share alternative … or the 50% share alternative …, will receive such Depository Receipts representing the same number of shares in the Issuer by way of entering into a subscription and issuance agreement between the Dutch foundation issuing the Depository Receipts.”

Upon completion of the offer … the Offeror intends to proceed with a compulsory acquisition of the remaining shares in Adevinta … and consequently proceed with steps to delist the Company from the Oslo Stock Exchange.”

Spun off from Norway-based Schibsted in 2019, Adevinta owns and operates marketplaces, primarily across its six core Western European markets — Germany, France, Italy, Spain, Belgium and the Netherlands. It also has joint ventures in several other countries, including Ireland (DistilledSCH) and Brazil (OLX-Brazil).

NOK depreciation a boon for the bidder

The deal values Adevinta at NOK141 billion ($12.8 billion) at the current FX rate.

A sharp depreciation in the USD value of the NOK over the past few months looks like it will bring a windfall to Aurelia Bidco — as recently as March 8, NOK141 billion was worth $13.4 billion.

Moreover, on the day the bid was originally made (November 28, 2023), the same sum was worth $15.3 billion — a 16.3% decrease in the deal’s USD value in less than six months.

Get the latest on the Adevinta takeover on our news tracker here

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