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Austrian Competition Watchdog Approves Adevinta's eBay Classifieds Group Acquisition: Reuters

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  • Norway's Adevinta ASA (OTC: ADEVF) secured final regulatory approval from the Austrian competition watchdog to acquire U.S. e-commerce group eBay Inc's (NASDAQ: EBAY) Classifieds Group Reuters reported.

  • In July 2020, Adevinta agreed to acquire Classifieds Group for .5 billion in cash and 540 million shares, in a transaction valued at $13 billion.

  • The approval follows eBay's willingness to reduce ownership stake in Adevinta during the next one and a half years. The transaction is estimated to close by June 25.

  • eBay will become Adevinta's largest shareholder with a 44% stake, 33.3% of the vote two seats on the board. Norway's Schibsted ASA (OTC: SBSNF) (OTC: SBSNY) will hold 39.5% of the votes.

  • Austria's Federal Competition Authority (FCA) mandated eBay to reduce its stake to 33% within one and a half years to minimize antitrust concerns.

  • Schibsted will acquire eBay Classifieds Group's Danish assets from Adevinta for $330 million.

  • Price action: EBAY shares traded lower by 0.51% at $65 in the premarket session on the last check Friday.

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