Norway’s Adevinta has agreed a $9.2bn (£7.1bn) deal to acquire eBay’s classified ads group in a move that will create the world’s largest online classifieds business.
The cash plus stock deal, which will see Britain’s Gumtree change hands, will make eBay the largest shareholder in the Norwegian giant.
eBay will receive $2.5bn in cash for its ads group as well as a further 540 million shares, bringing its ownership of Adevinta up to 44pc.
Both companies expect between $150m and $185m of “annual synergies” within the next three years. The blockbuster deal is expected to close by the end of the March.
Adevinta currently operates in 15 countries with 35 different products and websites while eBay’s classifieds covers 12 brands in 13 countries. Among Adevinta’s brands is shopping app Shpock, which operates in the UK. Leboncoin, Olx, and Paycar