eBay supports Permira/Blackstone offer for Adevinta; to sell 50% stake for $2.2B cash, retain 20%

EBAY INC

eBay will sell 50% of its Adevinta shares for ~$2.2B cash and exchange remaining for ~20% equity stake in privatized company.
The offer values eBay's entire Adevinta stake at ~$4.3B, a ~$1.5B premium over pre-speculation value.
For 6 months post-close, Permira/Blackstone can purchase additional shares from eBay for >$1B, reducing eBay's stake to ~9.99%.
Transaction expected to close in Q2 2024, subject to >90% minimum acceptance and regulatory approvals.
eBay intends to use proceeds for general corporate purposes; remains committed to returning ~125% of cumulative FCF to shareholders (2022-2024).

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