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 update 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 expected 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.
-Ends-
Notes to Editor
Contacts for Adevinta
Mélodie Laroche
Head of Corporate Communications
+33 (0) 6 84 30 52 76
melodie.laroche@adevinta.com / press@adevinta.com
Marie de Scorbiac
Head of Investor Relations
ir@adevinta.com
John Kiely / Latika Shah / Raeesa Chowdhury-King
Edelman Smithfield
+44 (0)7785 275665 / +44 (0)7950 671 948 / +44 (0)7885 802774
adevinta@edelman.com
Contact for Russmedia
Nicola Szekely, Managing Partner
+43 676 8800 5787
nicola.szekely@russmedia.com
About Adevinta
Adevinta is a global online classifieds specialist, operating digital marketplaces in 11 countries. The company provides technology-based services to connect buyers with sellers and to facilitate transactions, from job offers to real estate, cars, consumer goods and more. Adevinta’s portfolio includes more than 30 digital products and websites, attracting 1.3 billion average monthly visits. Leading brands include top-ranked leboncoin in France, InfoJobs and Milanuncios in Spain, and 50% of fast-growing OLX Brazil. Adevinta spun off from Schibsted ASA and publicly listed in Oslo, Norway in 2019. Adevinta is majority owned by Schibsted ASA and employs 4,700 people committed to supporting users and customers daily. Find out more at Adevinta.com.
About Russmedia
Russmedia Equity Partners invests in and operates online marketplaces, aggregators and SaaS solutions. With 20 years’ experience in successfully investing in and operating digital companies, the company currently runs a profitable portfolio of 19 digital platform businesses across six European countries.
Russmedia Equity Partners is part of the Russmedia Group. What started as a regional publishing house 100 years ago in Bregenz, Austria, is today regarded as the most progressive multi-niche media company in Europe. Daily and weekly newspapers, numerous online portals, printing, logistics, radio and IT services are all under one roof at the Russmedia headquarters in Schwarzach, Austria. Find out more at www.russmedia.com.
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