Adevinta shares soar 21% on possible Blackstone-Permira bid
OSLO (Reuters) -Shares of eBay-backed online classifieds group Adevinta rose 21% early on Friday after the Norwegian company said it had received a takeover proposal from a consortium led by Permira and Blackstone.
Shares in Norwegian media group Schibsted, a major Adevinta shareholder, soared 13% on the news.
The discussions are at an early stage and there can be no certainty as to whether a final offer will be made, Oslo-based Adevinta said.
Adevinta did not disclose financial details of the proposal. The 20% rise in the share price valued the company at just over $11 billion.
Schibsted and eBay expressed their support for the proposal and will retain part of their current stake, Adevinta said.
In 2021 eBay sold part of its stake in Adevinta to Permira for $2.25 billion.
Blackstone and Permira declined to comment on Adevinta's statement.
(Reporting by Rishabh Jaiswal in Bengaluru and Terje Solsvik in Oslo; editing by Shounak Dasgupta and Jason Neely)
