Ebay is selling the classified ad section for 9 billion but will maintain a small stake in the business.
The acquisition comes as the coronavirus crisis boosts demand for online marketplaces, with consumers turning to online shopping due to prolonged lockdowns and social distancing measures in most countries. The coronavirus has boosted the demand for online marketplaces, shopping, curbside pickup, delivery and hangouts.
Adevinta won an auction on Monday to acquire the classified ad section. Ebay expects the sale to double its overall value. Adevinta also owns Leboncoin, France’s biggest online classified ads website and many more.