Ebay has agreed to sell its classified ads business to Norwegian group Adevinta in a deal worth $9.2 billion (Sh993 billion), creating the world’s largest classifieds group, the companies said on Tuesday. “Adevinta becomes the largest online classifieds company globally, with a unique portfolio of leading marketplace brands,” Adevinta CEO Rolv Erik Ryssdal said. Adevinta was spun out of Nordic media company Schibsted and listed on the Oslo bourse last year. Adevinta was spun out of Nordic media company Schibsted and listed on the Oslo bourse last year. It will mean Schibsted’s stake in Adevinta falls to about 33 per cent from 59 per cent, Schibsted said separately.

Source: Standard Digital July 22, 2020 08:37 UTC