eBay did not receive $9.2 billion in cash when it transferred its classifieds business to Adevinta. The July 2020 headline value was calculated using Adevinta’s share price on July 17, and the announced payment combined $2.5 billion in cash with about 540 million Adevinta shares. Those shares represented about 44% of the combined company’s equity but approximately 33.3% of its voting rights. The transaction closed on June 25, 2021, after asset sales and regulatory undertakings changed the businesses included in the deal.
What the $9.2 billion figure meant
eBay and Adevinta announced their definitive agreement on July 21, 2020. Their approximately $9.2 billion headline valuation used Adevinta’s closing share price on July 17, 2020; it was not a cash purchase price. Because a large part of the consideration was Adevinta stock, the headline value reflected the value of those shares at a specified date.
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Under the announced terms, eBay was to receive $2.5 billion in cash and approximately 540 million Adevinta shares. The expected stake equated to approximately 44% of pro forma equity, while its voting rights were about 33.3%. Equity ownership and voting power were therefore not the same. eBay and Adevinta’s July 2020 announcement set out the transaction terms.
How the consideration and assets changed before closing
The Denmark assets were carved out
The transaction structure provided for Schibsted to acquire eBay Classifieds’ Denmark assets for $330 million. After accounting for that sale, Adevinta described the expected cash consideration to eBay as approximately $2.17 billion. That was an expected figure after the carve-out, not the cash amount ultimately reported at closing. Adevinta’s transaction announcement described the Denmark asset sale and resulting expected cash consideration.
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The transfer closed in June 2021
On June 25, 2021, eBay reported completing the transfer for $2.5 billion in cash, subject to adjustments, and 540 million Adevinta shares. Its filing identified the shares as 342 million ordinary shares and 198 million nonvoting shares. The closing cash figure is thus distinct from the earlier expected $2.17 billion figure associated with the Denmark carve-out. eBay’s June 25, 2021 SEC filing documents the completed transfer and consideration.
What the combined business was expected to look like
At completion, Adevinta said the combined operation would reach one billion people and receive around three billion visits per month. It also cited pro forma 2019 revenue of approximately EUR 1.6 billion. These were company-reported scale and historical revenue figures in Adevinta’s 2021 completion announcement, not current audience or revenue measures.
Adevinta also set a target of EUR 130–165 million in run-rate cost synergies by the end of a three-year period, based on the portfolio then expected. That was a forward-looking target, not a report that the savings were achieved. Adevinta’s completion announcement provides these figures.
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The deal did not simply combine every business in the original announcement without changes. Adevinta said the Denmark sale had completed and that Shpock was sold to Russmedia Equity Partners on June 2, 2021. It also said it would pursue sales of Gumtree UK and Motors.co.uk in the second half of 2021 as part of regulatory undertakings. The completion statement establishes that these sales were planned at that time; it does not establish when they later completed. Adevinta’s June 2021 statement describes the portfolio changes and planned sales.
What happened to eBay’s interest afterward
The original equity stake did not remain unchanged. In a filing covering events on May 29, 2024, eBay reported selling 227,115,592 Adevinta shares for approximately $2.4 billion in cash and exchanging another 177,115,591 Adevinta shares for the same number of Aurelia shares. eBay’s May 2024 filing reports those transactions.
eBay’s 2024 annual report valued the 44% Adevinta equity investment at $10.8 billion at the 2021 transfer close. It also reported that the May 2024 exchange gave eBay approximately 18.3% of Aurelia, that eBay sold 97 million Aurelia shares in November 2024, and that it held approximately 8.3% of Aurelia on December 31, 2024. These are dated annual-report figures, not a statement of eBay’s ownership today. eBay’s 2024 annual report provides the valuation and year-end ownership context.
Independent reader supportYour contribution helps us test, update, and keep practical guides available for everyone.Why eBay said it agreed to the transaction
In the July 21, 2020 announcement, eBay CEO Jamie Iannone said: “This sale creates short-term and long-term value for shareholders and customers, while allowing us to participate in the future potential of the Classifieds business.” The structure reflected that stated aim: eBay transferred operating control of the classifieds group while retaining a substantial equity interest, though with a smaller share of voting rights.
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