Adevinta welcomes UK Regulatory Approval for the acquisition of eBay Classifieds Group
Following an announcement by the UK Competition and Markets Authority today, Adevinta ASA (ADE) confirms that the CMA has accepted the undertakings which have been proposed by Adevinta and eBay Inc to resolve the competition concerns raised by the CMA.
Consequently, the CMA has approved Adevinta’s acquisition of eBay Classifieds Group (eCG) in accordance with the terms of those undertakings, which comprise the divestment of each company’s primary classifieds operations in the UK: Shpock (in the case of Adevinta) and Gumtree UK and Motors.co.uk (in the case of eCG).
Adevinta have also announce that it has reached an agreement to sell Shpock to Russmedia Equity Partners and the transaction is expected to close today. Russmedia plans to continue the development of Shpock’s digital platform for classified advertising. Adevinta continues to target completion of the acquisition of eBay Classifieds Group in Q2 2021, subject to regulatory approval in Austria.