The shares will be listed under the ticker symbols ADEA (A-shares) and ADEB (B-shares), and under ADE once the collapse of the two share classes has been completed, expected by end 2019.
The official bell-ringing ceremony to mark the opening of the Børs and the beginning of trading in Adevinta shares was officiated today by Adevinta Board Chair Orla Noonan and CEO Rolv Erik Ryssdal.
“Adevinta is a high quality leader in its sector and is ideally positioned for sustained high growth and expansion,” said Noonan.
“Today’s listing is an important milestone for Adevinta,” commented Ryssdal. “Our listing and pure-play status in online marketplaces enables us to pursue a more aggressive, agile expansion strategy, while keeping pace with the rapidly changing dynamics and technology of the marketplaces industry.”
“I’m delighted our listing has been received so well. We’ve seen strong interest and very positive reaction from investors to our new company,” Ryssdal added. “The groundwork we have laid, and the continuing support of Schibsted as our main shareholder, provides a firm base for our ambitious growth targets.”
What does this mean for Schibsted?
Schibsted will retain majority ownership in Adevinta at the time of the listing, and intends to remain a long term active owner of Adevinta. The transaction represents an important strategic step forward for Schibsted, as it allows the two companies to set out their best strategic courses individually.
Schibsted will optimize its value creation by continuing to invest in digital consumer services as well as participating actively in the development of the international online classifieds industry.
Schibsted has a history of utilizing new technology, creating new services, developing new markets with potential for significant value creation and adapting to rapidly changing markets. These values will remain at the core of both Schibsted and Adevinta.