eBay: completes transfer of activities to Adevinta
(CercleFinance.com) - eBay has said that it has completed the transfer of its classifieds business to Adevinta in exchange for 2.
5 billion dollars in cash and a 44% stake in Adevinta, i.e. about 540 million shares.
This completion results in net after-tax cash proceeds of approximately 2 billion dollars. It enables the group to update its capital allocation plans for 2021, increasing its planned share buybacks from 2 billion dollars to 5 billion dollars.
eBay has agreed to reduce its stake in Adevinta to 33% or less over the next 18 months as part of remedial action to address competition concerns raised by Austrian regulators.
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