Emailed on July 24, 2020 in The Friday Forward

This week eBay  announced it had reached a deal to sell off its Classifieds business unit to Adevinta,  a Norway-based classified ads publisher majority owned by Norwegian publisher Schibsted. The deal is valued at $9.2 billion, which includes eBay getting $2.5 billion in cash and 540 million Adevinta shares. The deal makes eBay a 44% owner of Adevinta, with a 33.3% voting stake.

In the last quarter, eBay said that Classifieds brought in revenues of just $248 million, down 3% on an as-reported basis and remaining flat on a FX-Neutral basis. For some context, eBay’s Marketplace unit brought in revenues of $1.9 billion in the same period.