Schibsted ASA welcomes the announcement by eBay Inc. (“eBay”), which states that it has sold approximately 125 million shares, representing a 10.2% stake in Adevinta to funds advised by Permira, the global private equity firm focused on growth at scale. The transaction is expected to close in Q4 2021, once regulatory approvals are secured, and will reduce eBay’s ownership stake in Adevinta from 44% to 34%. For further information please see announcements today by Permira and eBay.
As a large shareholder in Adevinta, Schibsted is supportive of the transaction and welcomes Permira as a shareholder in the company.
In connection with eBay’s sale of shares to Permira, eBay, Schibsted and Permira have agreed on certain restrictions on share transfers in Adevinta. The restrictions shall apply for a period of two years from closing of the sale to Permira, or two years and three months from signing of the sale contract between eBay and Permira, if earlier, and shall restrict share transfers that would reduce eBay or Schibsted’s ownership stakes in Adevinta to below 25%, or Permira’s stake to below 10%, subject to certain customary exceptions (the “Lock-up”). In addition, Permira, eBay and Schibsted have agreed to mutual tag along rights, subject to certain customary exceptions, for a period of 12 months following expiry of the Lock-up period. The agreed restriction and tag-along rights, will apply in addition to the transfer restrictions and liquidity rights agreed between eBay, Schibsted and Adevinta in connection with Adevinta’s acquisition of eBay Classifieds Group, as further set out in Schibsted and Adevinta’s stock exchange releases on 21 July 2020.
Oslo, 14 July 2021
SCHIBSTED ASA
Contacts
Adevinta:
Mélodie Laroche
Corporate Communications
+33 (0) 6 84 30 52 76
Jasper Teijsse
Senior Director of Global Communications, eCG
T: +31 6 53462977
jteijsse@eclassifiedsgroup.com
Marie de Scorbiac / Anne-Sophie Jugean
Investor Relations
John Kiely / Latika Shah / Raeesa Chowdhury-King
Edelman Smithfield
+44 (0)7785 275665 / +44 (0)7950 671 948 / +44 (0)7885 802774
Schibsted:
Atle Lessum
Head of Group Communications
+47 415 05 645
Malin Langtvet
Investor Relations Officer
+47 916 86 710
Disclosure regulation
This information is subject to the disclosure requirements pursuant to Section 5-12 of the Norwegian Securities Trading Act.
About Schibsted
Schibsted is a family of digital brands with a strong Nordic position, and more than 5,000 employees. Millions of people enjoy interacting with our companies every day through our online marketplaces such as FINN, Blocket and Oikotie; our media houses including Aftenposten, VG and Aftonbladet; and digital services like Lendo. We also help new promising businesses grow. Our joint mission of empowering people in their daily lives is rooted in the values of our media heritage and a legacy of bold change. At our best, we are a fearless force for change in a society built on trust and transparency.
Schibsted is listed on Oslo Børs and holds a majority ownership in Adevinta, a company that was spun off and publicly listed as a separate company on Oslo Børs in 2019.