Online retail giant eBay has announced that it is officially selling its classified ad business, eBay Classifieds, to marketplace specialist Adevinta. Ebay Classified will be sold for $9.2 billion, and in turn eBay will receive 540 million shares and a 44% stake in Adevinta. Adevinta is based in Norway and currently attracts 1.5 billion visitors per month across Europe. The CEO of Adevinta has said “We believe the combination of the two companies, with their complementary businesses, creates one of the most exciting and compelling equity stories in the online classifieds sector.”
When Adevinta has fully acquired eBay’s classified ads, it will not only help to boost the popularity of the Norwegian platform – eBay sellers who publish classified ads are also bound to experience the benefits and see their traffic increase with the fact that Adevinta attracts 1.5 billion visitors per month.