Schibsted-backed Adevinta completed the acquisition of the classifieds business of eBay for $13bn.

Schibsted-backed Adevinta, a Norwegian marketplace specialist, completed the acquisition of the classifieds business of eBay, an American multinational e-commerce corporation, for $13bn. Under the terms of the agreement, eBay received $2.5bn in cash and c. 540m shares of Adevinta, representing a 44% stake in pro forma Adevinta. "We are pleased to finalize the deal between Adevinta and eBay Classifieds, where the combination of these two companies will create a leading global online classifieds business. By joining Adevinta, the eBay Classifieds' business has an enormous opportunity ahead. We are optimistic that the breadth of talent and collective experience across the combined portfolio will offer additional value for our customers, employees and shareholders," Jamie Iannone, eBay CEO.