eBay (NASDAQ: EBAY) has consented to sell three classifieds operations in Britain to get regulatory approval for a $9.2B transaction. Those incorporate Shpock, Gumtree, and Motors.co.uk.
Under an arrangement struck last July, Adevinta will purchase eBay’s classified adds business as a trade-off for $2.5B in cash and 540M shares consideration. The company can affirm that the UK Competition and Markets Authority (CMA) has reported that it considers there are sensible grounds to believe that eBay and Adevinta introduce the remedies that address their interests concerning the proposed exchange among eBay and Adevinta.
The measures proposed by eBay and Adevinta are the divestment of each organization’s essential classifieds operation in the UK. The company suggest these remedies because of the competition concerns raised by the CMA on February 16, 2021
eBay and Adevinta stay amped up for the proposed blend of Adevinta and eBay Classifieds Group. Additionally, The company expects the transaction to close in the second quarter of 2021.