SAN JOSE, Calif., Feb. 16, 2021 /PRNewswire/ -- eBay Inc.
(NASDAQ: EBAY) can confirm that the UK Competition and Markets
Authority (CMA) has announced it has concerns that the proposed
transaction between eBay Inc. and Adevinta ASA could reduce
competition in the UK, following its Phase 1 review.
eBay and Adevinta now have the opportunity to propose potential
remedies to avoid the transaction being referred to further
investigation. While eBay and Adevinta do not agree with the CMA's
reasoning, they will work constructively with the CMA and are
confident in finding a suitable resolution.
eBay and Adevinta will together propose legally binding
solutions to resolve the CMA's competition concerns before the
deadline of February 23, 2021. The
CMA will then have five working days to consider whether to accept
the solutions, or to refer the deal to an in-depth investigation. A
further update will be provided in early March following this
decision.
In 2019, eBay Classified 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.
eBay and Adevinta remain excited about the proposed transaction
and look forward to closing.
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.