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US-based eBay Inc will sell its classified ads business to Norway's Adevinta in a $9.2 billion deal to create the world's largest classified ads group, present in 20 countries.
The combined company is expected to bring in an estimated revenue of $1.8 billion and earnings before interest, depreciation, tax, and amortization (EBITDA) close to $600 million.
Adevinta CEO Rolv Erik Ryssdal noted that the deal makes his company the world's largest in online classified ads and gives it a unique portfolio of leading marketplace brands.
The deal will give eBay $2.5 billion in cash and 540 million shares of Adevinta, making it the largest shareholder in the Norwegian firm with a 44 percent stake representing 33.3 percent of the vote.
The Norwegian firm sweetened the terms of its bid by offering eBay a bigger stake, after eBay's board was initially split, with some members preferring a $9 billion cash bid by online retailer Prosus.
Jamie Iannone, eBay's chief executive, backed Adevinta's proposal and persuaded the board of its merits.
Ryssdal revealed that Adevinta would look for more acquisitions after completing the eBay deal, with the combined company providing a great platform to achieve that goal.
Shares in Adevinta jumped almost 40% after trading resumed.
Adevinta owns brands such as France's biggest online classified ads website Leboncoin, Brazil's OLX, and several more across Europe, the Americas, and North Africa.
The pandemic had boosted digital marketplaces, with many Adevinta sites increasing traffic in June from the previous year, rebounding from a March plunge.
The eBay Classifieds Group includes the Kijiji and Gumtree brands and offers online ads to over 1,000 cities worldwide. The business posted an operating income of $83 million on revenue of $248 million in the first quarter of 2020.
The companies hope that the transaction, expected to close by the first quarter of 2021, could give them annual savings of $150 million-$185 million on EBITDA in three years.
