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U.K.'s CMA Says Adevinta's Deal for EBay Classifieds Group Raises Concerns

16/02/2021 8:01am

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   By Adria Calatayud 
 

The U.K.'s Competition and Markets Authority said Tuesday that Adevinta ASA's anticipated $9.2 billion acquisition of eBay Classifieds Group from eBay Inc. raises competition concerns.

The antitrust watchdog said it is concerned that the deal could lead to a loss of competition among Adevinta's Shpock, eBay Classifieds Group's Gumtree and eBay's marketplace, which could reduce consumer choice, increase fees or lower innovation.

The CMA said eBay will acquire a 33.3% voting stake in Adevinta and positions on the Adevinta board as part of the deal, which means that it could influence the business strategy for both Gumtree and Shpock.

The companies now have until Feb. 23 to offer legally binding solutions to address the CMA's concerns, the regulator said.

In response, Adevinta said that it and eBay don't agree with the CMA's reasoning, but that they will work constructively with the regulator and are confident in finding a suitable resolution.

Adevinta said eBay Classifieds Group's U.K. business accounted for less than 10% of its revenue in 2019, and Adevinta's U.K. business accounted for only 1% of its revenue.

 

Write to Adria Calatayud at adria.calatayud@dowjones.com

 

(END) Dow Jones Newswires

February 16, 2021 02:46 ET (07:46 GMT)

Copyright (c) 2021 Dow Jones & Company, Inc.

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