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Ebay sells classifieds business to Norway's Adevinta in $9.2 bln deal

Credit: REUTERS/FABRIZIO BENSCH

Ebay has agreed to sell its classified ads business to Norwegian group Adevinta in a cash share deal worth $9.2 billion, the companies said on Tuesday.

OSLO, July 20 (Reuters) - Ebay EBAY.O has agreed to sell its classified ads business to Norwegian group Adevinta ADEV.OL in a cash share deal worth $9.2 billion, the companies said on Tuesday.

Ebay will receive $2.5 billion in cash and 540 million shares of Adevinta, making it the largest shareholder with a 44% stake of the pro forma company, they said.

The transaction is expected to close by the first quarter of 2021.

(Reporting by Nerijus Adomaitis; editing by Jason Neely)

((nerijus.adomaitis@thomsonreuters.com; +47 9027 6699; Reuters Messaging: nerijus.adomaitis.thomsonreuters@reuters.net))

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