Permira will need to work to exit classified hole

Adevinta ASA

22/09/2023 11:49

(The author is a Reuters Breakingviews columnist.  The opinions
expressed are her own.)
    By Karen Kwok
       LONDON, Sept 22 (Reuters Breakingviews) - The buyout
firm has teamed up with Blackstone to take Norway’s Adevinta
private. Its initial outlay in 2021 is under water after a tech
downturn battered the $11 bln company’s valuation. Permira’s
hopes of a decent return rest on turbo charging sales and
tangibly hiking margins.
        
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    CONTEXT NEWS
    EBay-backed online classifieds group Adevinta on Sept. 21
said it has received a proposal from a consortium led by Permira
and Blackstone regarding a potential offer to acquire the
company.
    The discussions are at an early stage and there can be no
certainty as to whether a final offer will be made, the
Oslo-based company said.
    Adevinta did not disclose financial details of the proposal.
    Norwegian media group Schibsted, a 28% Adevinta shareholder,
and eBay, which owns a 33% stake, expressed their support for
the proposal and will retain part of their current stake,
Adevinta said.
    In 2021 eBay sold 10% of its stake in Adevinta to Permira
for $2.25 billion.
    Adevinta’s shares were up 18% at 101.6 Norwegian crowns at
0917 GMT on Sept. 22.

 (Editing by Aimee Donnellan and Streisand Neto)
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