SAN JOSE, Calif.;, February 16, 2021 / PRNewswire / – eBay Inc. can. (NASDAQ: EBAY) has confirmed that the UK Competition and Markets Authority (CMA) has expressed concern that the proposed deal between eBay Inc. and Adevinta ASA reduce competition in the UK, following its Stage 1 Review.
EBay and Adevinta now have the opportunity to suggest remedies that may avoid the issue to further investigation. While eBay and Adevinta do not agree with the rationale of the CMA, they will work helpfully with the CMA and are confident of finding an appropriate solution.
EBay and Adevinta both propose legally binding solutions to resolve CMA competition concerns before the deadline February 23, 2021. The CMA will then have five working days to consider accepting the solutions, or forwarding the agreement to an in-depth review. Another update will be issued in early March following this decision.
In 2019, the UK eBay Classified Group business accounted for less than 10% of its accumulated revenue and Adevinta UK’s business accounted for only 1% of its accumulated revenue.
EBay and Adevinta are still excited about the proposed deal and are looking forward to closing.
About eBay:
EBay Inc. (Nasdaq: EBAY) is a global trading leader that connects millions of buyers and sellers in 190 markets worldwide. We are there to provide economic opportunity for individuals, entrepreneurs, businesses and organizations of all sizes. Established in 1995 in San Jose, California, EBay is one of the largest and most vibrant marketplaces in the world for discovering great value and unique selection. In 2020, eBay enabled $ 100 billion of full merchandising. For more information about the company and its global portfolio of online brands, visit www.ebayinc.com.
Forward-looking statements
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