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Adevinta wins auction to buy eBay's classified ads unit for $9 billion

The acquisition comes as the coronavirus crisis boosts demand for online marketplaces, with consumers turning to online shopping due to prolonged lockdowns and social distancing measures

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Ebay's classified business includes brands such as Gumtree and Kijiji, and offers online ads to more than 1,000 cities around the world.

Reuters
Norway’s Adevinta has won the auction to buy the bulk of eBay's classified ads unit for nearly $9 billion, with the US e-commerce firm planning to keep a minority stake, two sources familiar with the matter told Reuters on Monday. The acquisition comes as the coronavirus crisis boosts demand for online marketplaces, with consumers turning to online shopping due to prolonged lockdowns and social distancing measures in most countries.

Ebay's classified business includes brands such as Gumtree and Kijiji, and offers online ads to more than 1,000 cities around the world. The unit posted operating income of $83 million and revenue

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First Published: Jul 21 2020 | 1:21 AM IST

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