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Schibsted ASA is a Norway-based multimedia group that owns and operates newspapers, online classified advertisement websites, publishing houses, and other multimedia services. The company's largest sources of revenue are its Norwegian and Swedish newspapers and tabloid magazines such as Verdens Gang, Aftenposten, and Aftonbladet. It also operates other regional magazines, classified websites, and local newspapers in over 25 different countries around Europe, Asia, Latin America, and Africa. Schibsted's largest newspaper operations outside of Scandinavia are based in Spain and France.

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Austrian Competition Watchdog Approves Adevinta&#39;s eBay Classifieds Group Acquisition: Reuters

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<ul>
	<li>Norway&#39;s&nbsp;Adevinta ASA&nbsp;(OTC:<a class="ticker" href="https://www.benzinga.com/stock/ADEVF#OTC">ADEVF</a>) secured final regulatory approval from the Austrian competition watchdog to acquire U.S. e-commerce group&nbsp;eBay Inc&#39;s&nbsp;(NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/EBAY#NASDAQ">EBAY</a>) Classifieds Group&nbsp;<a class="editor-rtfLink" href="https://www.reuters.com/business/adevinta-ebay-clear-final-hurdle-13-bln-advertising-tie-up-2021-06-18/" style="color:#4a6ee0; background:transparent; margin-top:0pt; margin-bottom:0pt" target="_blank">Reuters reported</a>.</li>
	<li>In July 2020, Adevinta agreed to acquire Classifieds Group for&nbsp;<a class="editor-rtfLink" href="https://www.benzinga.com/pressreleases/20/07/n16703042/adevinta-to-acquire-ebay-classifieds-group-to-create-the-worlds-largest-online-classifieds-company" style="color:#4a6ee0; background:transparent; margin-top:0pt; margin-bottom:0pt" target="_blank">$2.5 billion in cash</a>&nbsp;and 540 million shares, in a transaction valued at $13 billion.</li>
	<li>The approval follows eBay&#39;s willingness to reduce ownership stake in Adevinta during the next one and a half years. The transaction is estimated to close by June 25.</li>
	<li>eBay will become Adevinta&#39;s largest shareholder with a 44% stake, 33.3% of the vote two seats on the board. Norway&#39;s&nbsp;Schibsted ASA&nbsp;(OTC:<a class="ticker" href="https://www.benzinga.com/stock/SBSNF#OTC">SBSNF</a>) (OTC:<a class="ticker" href="https://www.benzinga.com/stock/SBSNY#OTC">SBSNY</a>) will hold 39.5% of the votes.</li>
	<li>Austria&#39;s&nbsp;<a class="editor-rtfLink" href="https://www.benzinga.com/m-a/21/06/21388750/uk-competition-watchdog-ratifies-9-2b-ebay-classified-ads-business-merger-with-adevinta-ft" style="color:#4a6ee0; background:transparent; margin-top:0pt; margin-bottom:0pt" target="_blank">Federal Competition Authority (FCA)</a>&nbsp;mandated eBay to reduce its stake to 33% within one and a half years to minimize antitrust concerns.</li>
	<li>Schibsted will acquire eBay Classifieds Group&#39;s Danish assets from Adevinta for $330 million.</li>
	<li>Price action:&nbsp;EBAY shares traded lower by 0.51% at $65 in the premarket session on the last check Friday.</li>
</ul>

Austrian Competition Watchdog Approves Adevinta's eBay Classifieds Group Acquisition: Reuters

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