2.3.2021 08:03:49 CET | Schibsted | Non-regulatory press releases
The UK Competition and Markets Authority accepts remedies in principle
Today, Schibsted ASA confirms that the UK Competition and Markets Authority
(CMA) has announced that it
considers there are reasonable grounds to believe that the remedies presented by
Adevinta ASA (ADE) and eBay Inc. (NASDAQ: EBAY) address their concerns in
respect of Adevinta's proposed acquisition of eBay Classifieds Group.
The remedy proposed by Adevinta and eBay is the divestment of each company's
primary classifieds operations in the UK: Shpock, Gumtree (UK) and Motors.co.uk
- http://motors.co.uk. These remedies have been proposed in response to the
competition concerns raised by the CMA on 16 February.
In 2019, eBay Classifieds Group's UK business accounted for less than 10% of its
consolidated revenues and Adevinta's UK business accounted for only 1% of its
consolidated revenues. On a combined basis, the UK would represent less than 5%
of total consolidated revenues.
Adevinta and eBay remain excited about the proposed combination of Adevinta and
eBay Classified Group and now target closing the transaction in Q2 2021, subject
to final ratification of the remedies execution plan by the CMA and receipt of
outstanding regulatory approval in Austria.
Schibsted's acquisition of eBay Classifieds' Danish businesses, DBA.dk -
http://dba.dk and Bilbasen.dk - http://bilbasen.dk, will be completed once the
transaction between Adevinta and eBay has been closed.
Schibsted remains supportive of the proposed transaction and looks forward to
closing.
Oslo, 02 March 2021
SCHIBSTED ASA
Contacts
Adevinta:
Mélodie Laroche
Head of Corporate Communications, Adevinta
+33 (0) 6 84 30 52 76
melodie.laroche@adevinta.com / press@adevinta.com
Schibsted:
Atle Lessum
Head of Group Communications
+47 415 05 645
atle.lessum@schibsted.com
Jann-Boje Meinecke
Head of Investor Relations
+47 941 00 835
jbm@schibsted.com
ATTACHMENTS
Download announcement as PDF.pdf -
https://kommunikasjon.ntb.no/ir-files/17847482/353/436/Download%20announcement%2
0as%20PDF.pdf