eBay (EBAY) Issues Statement Regarding the CMA Announcement
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eBay Inc. (NASDAQ: EBAY) can confirm that the UK Competition and Markets Authority (CMA) has announced it has concerns that the proposed transaction between eBay Inc. and Adevinta ASA could reduce competition in the UK, following its Phase 1 review.
eBay and Adevinta now have the opportunity to propose potential remedies to avoid the transaction being referred to further investigation. While eBay and Adevinta do not agree with the CMA's reasoning, they will work constructively with the CMA and are confident in finding a suitable resolution.
eBay and Adevinta will together propose legally binding solutions to resolve the CMA's competition concerns before the deadline of February 23, 2021. The CMA will then have five working days to consider whether to accept the solutions, or to refer the deal to an in-depth investigation. A further update will be provided in early March following this decision.
In 2019, eBay Classified Group's UK business accounted for less than 10% of its consolidated revenues and Adevinta's UK business accounted for only 1% of its consolidated revenues.
eBay and Adevinta remain excited about the proposed transaction and look forward to closing.
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