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Adevinta ASA (ADE) issues update on undertakings offered to the UK Competition and Markets Authority (CMA)

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Oslo, 27 April 2021 - Following an announcement by the UK Competition & Markets Authority (“CMA”) today, Adevinta ASA (ADE) ("Adevinta") confirms that it has proposed Russmedia Equity Partners (“Russmedia”) as an upfront buyer of Shpock, Adevinta’s primary classifieds operation in the UK.

 

The proposal of an upfront buyer for Shpock is part of a package of proposed undertakings offered to the CMA to address the UK regulator’s competition concerns following its review of Adevinta’s proposed acquisition of eBay Classifieds Group (“eCG”).

 

The CMA’s announcement today states that it considers Russmedia to be a suitable purchaser of Shpock and that Adevinta’s proposed undertakings, which also includes the divestment of Gumtree UK and motors.co.uk, are appropriate to remedy its competition concerns. The CMA has provisionally concluded that the proposed undertakings will be effective and that it has no concerns about their implementation.

 

Acceptance of the proposed undertakings, including Russmedia’s acquisition of Shpock, remain subject to a two-week public consultation process starting today and final approvals by the CMA. The sale of Shpock would be expected to close shortly after receipt of these approvals.

 

Adevinta and eBay remain excited about the expected combination of Adevinta and eBay Classifieds Group and are targeting completion of the transaction in Q2 2021, subject to the CMA’s final approval of the proposed undertakings and regulatory approval in Austria.

 

NOT FOR DISTRIBUTION OR RELEASE, IN WHOLE OR IN PART, DIRECTLY OR INDIRECTLY, IN OR INTO THE UNITED STATES OF AMERICA, AUSTRALIA, CANADA, HONG KONG OR JAPAN, OR ANY OTHER JURISDICTION IN WHICH THE DISTRIBUTION OR RELEASE WOULD BE UNLAWFUL. THIS ANNOUNCEMENT DOES NOT CONSTITUTE AN OFFER OF ANY OF THE SECURITIES DESCRIBED HEREIN.

 

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