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Oslo, 18 June 2021 - Following an announcement by the Austrian Federal Competition Authorities (the “FCA”) today, Adevinta ASA (ADE) (“Adevinta”), confirms that the FCA has approved the remedies proposed by Adevinta and eBay Inc. (“eBay”) to resolve the competition concerns raised by the FCA in relation to Adevinta’s acquisition of eBay Classifieds Group (“eCG”), the global classifieds arm of eBay (“the transaction”).
The remedies proposed by Adevinta and eBay address the FCA’s concern that the transaction could potentially lessen competition in the Austrian market between eBay.at and Willhaben, Adevinta’s joint venture business in Austria. The commitments include a reduction by eBay of its financial interest in Adevinta to at least 33% within 18 months following closing of the transaction, so as to reduce its indirect economic interest in Willhaben. Additionally, Adevinta has agreed to prevent the flow of information about Willhaben to eBay, as well as to restrict eBay's potential influence over the strategic operations of Willhaben.
Approval of the remedies from the FCA marks a significant milestone, as all regulatory approvals required for closing of the transaction have now been received. Consequently, Adevinta is pleased to announce that closing of the transaction will be initiated shortly and is expected to complete on or about 25 June 2021. Adevinta will make a further announcement once the transaction has been completed.
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