Ebay to sell classifieds unit to Norwegian Adevinta: WSJ

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© Reuters. FILE PHOTO: eBay’s German headquarters pictured south of Berlin in Kleinmachnow

(Reuters) – EBay Inc (O 🙂 is in advanced talks to sell its classifieds unit to Norwegian group Adevinta (OL 🙂 as the online auction pioneer seeks to refocus on its core market business, reported Monday the Wall Street Journal. .

The price of the deal in cash and shares was not disclosed, but the eBay unit is expected to sell for around $ 8 billion or more and the deal could be announced as early as Monday, WSJ https: // on .wsj.com / 2DZSAuq said, citing people familiar with the subject.

Demand for online marketplaces has increased during the coronavirus pandemic, with consumers turning to online shopping due to the extended lockdown and social distancing measures in place in most countries.

Ebay’s classified businesses include brands such as Gumtree and Kijiji and offer online listings in over 1,000 cities around the world.

The unit posted operating income of $ 83 million and revenue of $ 248 million in the first quarter of 2020.

Last week, Reuters reported that the U.S. e-commerce giant had submitted bids through online retailer Prosus (OTC :), a private equity consortium, and Adevinta.

EBay and Adevinta did not immediately respond to a request for comment from Reuters.

(This story corrects the spelling of ‘Adevinta’ in the title and the penultimate paragraph)

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