eBay in its sale and exchange of shares of Adevinta ASA as part of the acquisition of Adevinta ASA by a consortium led by Permira and Blackstone

On November 21, 2023, eBay Inc. (Nasdaq: EBAY) announced its support for the voluntary offer led by Permira and Blackstone to acquire all the publicly traded shares of Adevinta ASA (the “Offer”) at NOK 115 per share, which corresponds to an equity value of Adevinta ASA of approximately NOK 141 billion.  As part of the transaction, eBay will sell 50% of its shares for an estimated USD $2.2 billion and exchange the remaining shares for an equity stake of approximately 20% in the newly privatized company.  The Offer values eBay’s entire stake in Adevinta ASA at USD $4.3 billion, representing a premium of approximately USD $1.6 billion over the USD $2.7 billion value prior to speculation in September 2023 regarding the transaction.

Wachtell, Lipton, Rosen & Katz is serving as legal advisor to eBay.