- June 25, 2021
- Posted by: Stratford Team
- Category: Business
SAN JOSE, Calif., June 25, 2021 /PRNewswire/ — eBay Inc. (Nasdaq: EBAY), a global commerce leader that connects millions of buyers and sellers around the world, today announced that it has completed the transfer of its Classifieds business to Adevinta in exchange for $2.5 billion in cash and a 44% equity stake in Adevinta, equivalent to approximately 540 million shares.
“We are pleased to finalize the deal between Adevinta and eBay Classifieds, where the combination of these two companies will create a leading global online classifieds business,” said Jamie Iannone, Chief Executive Officer, eBay. “By joining Adevinta, the eBay Classifieds’ business has an enormous opportunity ahead. We are optimistic that the breadth of talent and collective experience across the combined portfolio will offer additional value for our customers, employees and shareholders.”
The completion of this transaction results in after tax net cash proceeds of…
