eBay announces support for offer led by Permira, Blackstone to acquire Adevinta

eBay (EBAY) announced its support for the voluntary tender offer led by Permira and Blackstone (BX) to acquire all the publicly traded shares of Adevinta. As part of the transaction, eBay would sell 50% of its shares for an estimated $2.2B and would exchange the remaining shares for an equity stake of approximately 20% in the newly privatized company. “We strongly support this offer, which we firmly believe is in the best interests of our shareholders. We would sell half our stake for approximately $2.2B in cash at a premium of more than 50% to the undisturbed price of Adevinta shares. We would recognize immediate value in the short-term, while continuing to maintain a financial interest in Adevinta alongside Schibsted and other world-class investors,” said Jamie Iannone, Chief Executive Officer at eBay. The offer is subject to the satisfaction or waiver of certain regulatory approvals and a minimum offer acceptance level of more than 90% of the issued and outstanding share capital and voting rights of Adevinta as well as other customary closing conditions. The offer is expected to be completed in the second quarter of 2024, subject to satisfaction of the conditions of the offer.