Benzinga | Jul 14, 2021 06:05AM EDT

eBay To Divest Part Of Adevinta Stake To Permira For $2.2B

* eBay Inc (NASDAQ:EBAY) inked an agreement with Permira to sell 125 million shares of its stake in Adevinta ASA (OTC:ADEVF) for $2.25 billion. The price represents a 7% discount to the 10-day volume-weighted average price (VWAP) of Adevinta shares as of July 12.

* The transaction is likely to close in Q4 2021.

* It will reduce eBay's ownership stake in Adevinta from 44% to 34%.

* eBay has granted Permira a 30-day option to purchase 10 million additional shares.

* eBay agreed to reduce its ownership in Adevinta as ordered by the Austrian regulators.

* Price action: EBAY shares closed lower by 0.33% at $68.74 on Tuesday.