SAN JOSE (dpa-AFX) - eBay Inc. (EBAY) agreed to sell about 125 million shares of its stake in Adevinta to Permira for an estimated total consideration of $2.25 billion.
The price represents an about 7% discount to the 10-day volume weighted average price (VWAP) of Adevinta shares as of July 12.
eBay expects to close the deal in the fourth-quarter 2021, once regulatory approvals are secured. The deal will reduce eBay's ownership stake in Adevinta from 44% to 34%.
In addition, eBay has granted Permira a 30-day option to purchase about 10 million additional shares at the same price representing an additional $180 million in consideration. If Permira exercises the option, eBay's ownership in Adevinta will reduce to 33%.
As per recent deal with Austrian regulators, eBay committed to reduce its ownership in Adevinta to 33% to secure approval for the eBay Classifieds Group and Adevinta transaction. The transaction announced Wednesday with Permira provides a clear path to satisfying the commitment.
Copyright RTT News/dpa-AFX
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