Adevinta Shares Surge on Confirmation of Blackstone-Permira Takeover Proposal

By Dominic Chopping

Shares in eBay-backed Adevinta surged after the Norwegian online marketplace company confirmed it has received a potential takeover bid from a consortium led by Permira and Blackstone.

No financial terms were disclosed and Adevinta said Friday that talks are at an early stage, with no certainty as to whether a final offer will be made.

Adevinta bought eBay's classified-ads business in a deal worth $9.2 billion in cash and stock in 2020, with eBay becoming the largest shareholder in Adevinta, currently holding a 33% stake. As part of the deal, Norwegian media group Schibsted agreed to buy eBay's Danish classifieds business for $330 million. Schibsted is Adevinta's second largest shareholder, with a 28.1% stake.

Adevinta shares surged 24% in morning trading, valuing the company at around $11 billion.

Both eBay and Schibsted expressed their support for the potential takeover proposal, and said they would retain part of their current shareholding in the company in the event of an agreement.

Adevinta shares were trading at NOK106.20 Friday morning, while Schibsted shares were 14% higher at NOK250.40.

Write to Dominic Chopping at dominic.chopping@wsj.com

(END) Dow Jones Newswires

September 22, 2023 05:25 ET (09:25 GMT)

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