Greg Roumeliotis and Pamela BarbagliaNew York — Norway's Adevinta has won the auction to buy the bulk of eBay's classified ads unit for nearly $9bn, with the US e-commerce firm planning to keep a minority stake, two sources familiar with the matter told Reuters on Monday.
Ebay's classified business includes brands such as Gumtree and Kijiji, and offers online ads to more than 1,000 cities around the world. The unit posted operating income of $83m and revenue of $248m in the first quarter of 2020. EBay will get a near €2bn tax benefit by keeping an interest in the business and rolling over its equity — a key change in strategy, the source said.
EBay did not immediately respond to a request for comment, while a spokesperson for Adevinta declined to comment.The eBay deal could help Adevinta, which at Friday's closing had a market capitalisation of 79-billion krone , double in size. Trading in its shares on the Oslo bourse was suspended earlier on Monday in anticipation of an announcement.
Loans Loans Latest News, Loans Loans Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Source: ewnupdates - 🏆 30. / 53 Read more »
SA needs to produce more to arrest the downward spiral into debt of past decadeJAN H VAN HEERDE | We should compare ourselves with a person or family who are neck deep in debt: how does someone like that get out of trouble? The solution is not to borrow more money, because that will only make the problem worse.
Source: SowetanLIVE - 🏆 13. / 63 Read more »