SAN JOSE (dpa-AFX) - UK Competition and Markets Authority or CMA said that it considers there are reasonable grounds to believe the remedies presented by eBay Inc. (EBAY) and Adevinta address their concerns with respect to the proposed transaction between eBay and Adevinta.
The remedies proposed by the companies are the divestment of each company's primary classifieds operations in the UK: Shpock, Gumtree (UK) and Motors.co.uk. The companies now targets to close the transaction in the second-quarter 2021.
On February 16, 2021, the CMA said it found that Adevinta's anticipated $9.2 billion purchase of eBay Classified Group could lead to higher prices and less choice for consumers in the UK, following its Phase 1 review.
Adevinta and eBay Classified Group both operate online classified advertising platforms in the UK. The websites - Adevinta's Shpock and eBay Classified Group's Gumtree - allow people to buy and sell a broad range of used or new goods such as clothing, electronics and furniture.
Copyright RTT News/dpa-AFX
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