As a global commerce leader, eBay Inc. (Nasdaq: EBAY), which connects millions of sellers and buyers around the world, announced today that it is firmly committed to the voluntary bid offer led by Permira and Blackstone for the purchase of the entire publicly traded shares of Adevinta (the "Offer"). As part of the deal, eBay would sell 50% of its shares for an estimated USD $2.2 billion and the remaining shares would be exchanged for an equity stake of approximately 20% in the newly privatized company.
In his remarks, Jamie Iannone, eBay's Chief Executive Officer, said, "We strongly support this offer, as we firmly believe it is in the best interests of our shareholders." The company plans to sell its half stake for approximately $2.2 billion in cash at a premium of over 50% over the undisturbed price of Adevinta shares. In addition to recognizing the immediate value in the short-term, we would also maintain an interest in Adevinta alongside Schibsted as well as other world-class investors.
It should be noted that the Offer is being made through Aurelia Bidco Norway AS, a Norwegian private limited liability company that has been established specifically for the purpose of the Offer.
Highlights of the report
The offer is subject to the satisfaction or waiver of certain regulatory approvals and a minimum level of acceptance of over 90% of the issued and outstanding share capital and voting rights of Adevinta as well as other customary closing conditions that are necessary to close the transaction.
It is expected that the Offer will be completed in the second quarter of 2024, provided that all terms and conditions of the Offer are met.
eBay has retained LionTree Advisors LLC as its financial advisor, while Wachtell, Lipton, Rosen & Katz and Advokatfirmaet Thommessen AS have been retained as its legal advisors.
For more information about eBay, please refer to the current report on Form 8-K eBay filed with the U.S. Securities and Exchange Commission today.
An overview of eBayeBay Inc.. The EBAY Company (Nasdaq:EBAY) is a global commerce leader that connects people and builds communities to create economic opportunity for everyone.. The technology that we offer empowers millions of buyers and sellers in more than 190 markets around the world by providing them with the opportunity to grow and prosper. eBay, one of the world's largest and most vibrant online marketplaces for discovering great value and unique selections, was founded in 1995 in San Jose, California by eBay Inc.. The gross merchandise volume of eBay in 2022 is expected to reach nearly $74 billion. You can learn more about the company and its global portfolio of online brands by visiting the company's website at.The eBay Inc..com
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Some of the statements contained in this document may be deemed to be "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended (the "Exchange Act").. A forward-looking statement is often identified by the words "anticipate," "approximate," "believe," "commit," "continue," "could," "estimate," "expect," "hope," "intend," "may," "outlook," "plan," "project," "potential," "should," "would," "will" and other words or expressions that have the same meaning.. A forward-looking statement reflects eBay's current expectations or beliefs regarding future events and actual events may differ materially from eBay's current expectations or historical results in the future.. I would caution the reader not to place undue reliance on these forward-looking statements, as they are not intended as a guarantee of future performance, and they are subject to a number of uncertainties, risks, assumptions and other factors, many of which are beyond eBay's control.. The forward-looking statements in this document address a variety of topics, including, for example, the completion of the transaction described herein and the potential benefits that could result from such a transaction.. The following factors, among others, could cause actual results to differ materially from those described in these forward-looking statements: the possibility that receipt of regulatory approvals are not received or that other conditions to the transaction described herein are not satisfied on a timely basis or at all, including having an insufficient number of shares of Adevinta tendered in the Offer to meet the minimum condition on or prior to the expiration of the Offer; the possibility that eBay or Adevinta may not fully realize the projected benefits of the transaction described herein; the possibility that the closing of the transaction described herein may not occur on the anticipated timeline or at all; business disruption during the pendency of or following the transaction described herein; diversion of management's time on issues related to the transaction described herein; the reaction of Adevinta's customers, employees, lenders and other persons to the transaction described herein; and other events that could adversely impact the completion of the transaction described herein, including industry or economic conditions outside of eBay's control. Further, actual results are subject to other risks and uncertainties that are more broadly related to eBay's overall business, including those more fully described in eBay's filings with the United States Securities and Exchange Commission. The Securities and Exchange Commission, including its annual report on Form 10-K for the fiscal year ended December 31, 2022, as well as its subsequent quarterly reports on Form 10-Q for each quarter. In this document, forward-looking statements are made only as of the date on which they were made. As a result, we do not undertake any obligation to revise or update publicly any forward-looking statement, except as required by law.
As a result, we do not undertake any obligation to revise or update publicly any forward-looking statement, except as required by law.
The VWAP for a three-month period is calculated as the average of the VWAP for a period up to and including September 19, 2023, the date on which initial press speculation confirmed that a private equity consortium was interested in buying Adevinta.
The source of this information is eBay Inc.
It is with great excitement that I announce the financial results for eBay Inc. (Nasdaq: EBAY), an online marketplace that connects millions of buyers and sellers around the globe.
Earlier today, eBay announced the opening of a retail store in New York City called "Canal Street Wear," which will offer an unsurpassed range of authentic streetwear and sneakers from a wide range of designers.
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