Benzinga | Jun 18, 2021 09:17AM EDT

Austrian Competition Watchdog Approves Adevinta's eBay Classifieds Group Acquisition: Reuters

* Norway's Adevinta ASA (OTC:ADEVF) secured final regulatory approval from the Austrian competition watchdog to acquire U.S. e-commerce group eBay Inc's (NASDAQ:EBAY) Classifieds Group Reuters reported.

* In July 2020, Adevinta agreed to acquire Classifieds Group for $2.5 billion in cash and 540 million shares, in a transaction valued at $13 billion.

* The approval follows eBay's willingness to reduce ownership stake in Adevinta during the next one and a half years. The transaction is estimated to close by June 25.

* eBay will become Adevinta's largest shareholder with a 44% stake, 33.3% of the vote two seats on the board. Norway's Schibsted ASA (OTC:SBSNF) (OTC:SBSNY) will hold 39.5% of the votes.

* Austria's Federal Competition Authority (FCA) mandated eBay to reduce its stake to 33% within one and a half years to minimize antitrust concerns.

* Schibsted will acquire eBay Classifieds Group's Danish assets from Adevinta for $330 million.

* Price action: EBAY shares traded lower by 0.51% at $65 in the premarket session on the last check Friday.