eBay has announced its support for the voluntary tender offer led by Permira and Blackstone for all publicly traded shares of Adevinta, a publicly traded Norwegian company and the world’s largest operator of online classifieds portals. Under the terms of the transaction, eBay would sell 50 percent of its shares for an estimated $2.2 billion and exchange the remaining shares for a stake of approximately 20 percent in the newly privatized company. The offer is being made through Aurelia Bidco Norway AS, a Norwegian limited liability company established for the purpose of the offer.
eBay said it intends to use the proceeds from the proposed transaction for general corporate purposes. The company continues to seek to return approximately 125 percent of cumulative free cash flow to shareholders through buybacks and dividends over the three-year period from 2022 to 2024.
Adevinta acquired eBay Classifieds Group from eBay in July 2020 in a $9.2 billion cash and stock deal that made eBay the largest shareholder of Adevinta.
