RTTNews | Jul 14, 2021 03:09AM EDT

03:09 Wednesday, July 14, 2021 (RTTNews.com) - eBay Inc. (EBAY) agreed to sell about 125 million shares of its stake in Adevinta to Permira for an estimated total consideration of $2.25 billion.

The price represents an about 7% discount to the 10-day volume weighted average price (VWAP) of Adevinta shares as of July 12.

eBay expects to close the deal in the fourth-quarter 2021, once regulatory approvals are secured. The deal will reduce eBay's ownership stake in Adevinta from 44% to 34%.

In addition, eBay has granted Permira a 30-day option to purchase about 10 million additional shares at the same price representing an additional $180 million in consideration. If Permira exercises the option, eBay's ownership in Adevinta will reduce to 33%.

As per recent deal with Austrian regulators, eBay committed to reduce its ownership in Adevinta to 33% to secure approval for the eBay Classifieds Group and Adevinta transaction. The transaction announced Wednesday with Permira provides a clear path to satisfying the commitment.

Read the original article on RTTNews ( https://www.rttnews.com/3208903/ebay-to-sell-part-of-its-adevinta-stake-to-permira-for-2-25-bln-quick-facts.aspx)

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