SAN JOSE, Calif., March 2, 2021 /PRNewswire/ -- eBay Inc.
(NASDAQ: EBAY) can confirm that the UK Competition and Markets
Authority (CMA) has announced that it considers there are
reasonable grounds to believe the remedies presented by eBay and
Adevinta address their concerns with respect to the proposed
transaction between eBay and Adevinta.
The remedies proposed by eBay and Adevinta are the divestment of
each company's primary classifieds operations in the UK: Shpock,
Gumtree (UK) and Motors.co.uk. These remedies have been proposed in
response to the competition concerns raised by the CMA on
February 16, 2021.
In 2019, eBay Classifieds Group's UK business accounted for less
than 10% of its consolidated revenues and Adevinta's UK business
accounted for only 1% of its consolidated revenues. On a combined
basis, the UK would represent less than 5% of total consolidated
revenues.
eBay and Adevinta remain excited about the proposed combination
of Adevinta and eBay Classifieds Group and now target closing the
transaction in Q2 2021, subject to final ratification of the
remedies execution plan by the CMA and receipt of outstanding
regulatory approval in Austria.
About eBay:
eBay Inc. (Nasdaq: EBAY) is a global commerce leader that
connects millions of buyers and sellers in 190 markets around the
world. We exist to enable economic opportunity for individuals,
entrepreneurs, businesses and organizations of all sizes. Founded
in 1995 in San Jose, California,
eBay is one of the world's largest and most vibrant marketplaces
for discovering great value and unique selection. In 2020, eBay
enabled $100 billion of gross
merchandise volume. For more information about the company and its
global portfolio of online brands, visit www.ebayinc.com.
Forward-Looking Statements:
Certain statements herein are "forward-looking statements"
within the meaning of Section 27A of the Securities Act of 1933, as
amended, and Section 21E of the Exchange Act. Such forward-looking
statements are often identified by words such as "anticipate,"
"approximate," "believe," "commit," "continue," "could,"
"estimate," "expect," "hope," "intend," "may," "outlook," "plan,"
"project," "potential," "should," "would," "confident," "will" and
other similar words or expressions. Such forward-looking statements
reflect eBay's current expectations or beliefs concerning future
events and actual events may differ materially from historical
results or current expectations. The reader is cautioned not to
place undue reliance on these forward-looking statements, which are
not a guarantee of future performance and are subject to a number
of uncertainties, risks, assumptions and other factors, many of
which are outside the control of eBay. The forward-looking
statements in this document address a variety of subjects
including, for example, the closing of the Transaction and the
potential benefits of the Transaction. The following factors, among
others, could cause actual results to differ materially from those
described in these forward-looking statements: the possibility that
regulatory and other approvals and conditions to the Transaction
are not received or satisfied on a timely basis or at all,
including the possibility that the parties are not able to agree
with the CMA on acceptable solutions to address the CMA's concerns;
the possibility that eBay may not fully realize the projected
benefits of the Transaction; changes in the anticipated timing for
closing the Transaction; business disruption during the pendency of
or following the Transaction; diversion of management time on
Transaction-related issues; the reaction of customers and other
persons to the Transaction; and other events that could adversely
impact the completion of the Transaction, including COVID-19 and
industry or economic conditions outside of our control. In
addition, actual results are subject to other risks and
uncertainties that relate more broadly to eBay's overall business,
including those more fully described in eBay's filings with the
Securities and Exchange Commission ("SEC"), including its annual
report on Form 10-K for the fiscal year ended December 31, 2020 and subsequent quarterly
reports on Form 10-Q. The forward-looking statements in this
document speak only as of this date. We undertake no obligation to
revise or update publicly any forward-looking statement, except as
required by law.
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SOURCE eBay Inc.