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OSLO: The British competition authority (CMA) has expressed concerns about the planned acquisition by Norway's Adevinta of eBay's classified ads business, Adevinta said on Tuesday.
The deal, worth US$9.2 billion and announced in July, would create the world's largest classifieds group if it were to go ahead. Advertisement Advertisement
Britain accounted for less than 10per cent of the consolidated revenues of Ebay's classified business, which includes Gumtree, and 1per cent of Adevinta's consolidated revenues, Adevinta said.
Adevinta and eBay will together propose legally binding solutions to resolve the regulator's concerns before the deadline of Feb. 23, Adevinta said.
The CMA would then have five working days to consider whether to accept their proposals, or to refer the deal to an in-depth investigation, the firm said.
Adevinta said it would provide a further update in early March following the CMA's decision. Advertisement Advertisement
(This story corrects to show that Ebay owns Gumtree in Britain, is not a competitor of Gumtree)
(Reporting by Gwladys Fouche, editing by Nora Buli) Source: Reuters

This data comes from MediaIntel.Asia's Media Intelligence and Media Monitoring Platform.