Blackstone and Permira To Buy Norway’s Adevinta

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Blackstone and Permira To Buy Norways Adevinta
FILE PHOTO: FILE PHOTO: Signage is seen outside the Blackstone Group headquarters in New York City, U.S., January 18, 2023. REUTERS/Jeenah Moon/File Photo/File Photo

In a seismic shift in the digital marketplace landscape, powerhouse private equity firms Blackstone and Permira, spearheading a group of investors, have declared their intent to acquire the eBay-supported Norwegian online marketplace giant, Adevinta ASA. The deal, a financial juggernaut, is estimated to be worth a staggering $13.2 billion.

Blackstone and Permira To Buy Norway’s Adevinta : Legal Eagles in the Mix

The acquisition battlefield sees heavyweight legal players aligning. Freshfields Bruckhaus Deringer LLP, Latham & Watkins LLP, and Wikborg Rein Advokatfirma AS are championing the cause for the buyers. Conversely, Adevinta’s defense is marshaled by Advokatfirmaet BAHR AS, Cleary Gottlieb Steen & Hamilton LLP, and Skadden Arps Slate Meagher & Flom (UK) LLP.

The Deal Breakdown: Numbers Game

This “best and final” offer is no mere fiscal footwork. At 115 Norwegian krone per share, it values Adevinta’s equity at an impressive 141 billion Norwegian krone (around $13.2 billion). Blackstone and Permira’s statement emphasizes the meticulous nature of this offer, born from an extensive and strategic process.

Blackstone and Permira To Buy Norway’s Adevinta : A Consortium of Titans

The buyout brigade doesn’t stop there. The consortium is a tapestry of financial titans, featuring funds advised by The Blackstone Group International Partners LLP and Permira Advisers LLP, bolstered by the strategic presence of General Atlantic and TCV.

Aurelia Bidco Norway AS: The Acquisition Vehicle

Aurelia Bidco Norway AS emerges as the knight in shining armor, the acquisition vehicle crafted for this colossal transaction.

A Strategy for Success

Blackstone’s Lionel Assant articulates a vision of growth and competitiveness for Adevinta in a landscape that shifts like sand. This acquisition, he suggests, is not just a transaction but a strategic foresight, ensuring Adevinta’s prowess in the face of rapid market changes.

A Timeline for Transformation

The deal’s closing chapter is penned for the second quarter of 2024, pending regulatory nods. The financial architecture is a blend of cash and depository receipts, a testament to the consortium’s innovative approach.

Blackstone and Permira To Buy Norway’s Adevinta : A Win for Shareholders

Permira’s Stefan Dziarski and Dipan Patel see this offer as a beacon of value and certainty for shareholders, a financial lighthouse in the tumultuous seas of the marketplace.

Blackstone and Permira To Buy Norway’s Adevinta :  Adevinta’s Stance

Adevinta echoes a similar sentiment, noting the support from its major shareholders—eBay, Schibsted ASA, and Permira—who collectively hold a 72.3% share capital command.

eBay’s Strategic Play

eBay, advised by Wachtell Lipton Rosen & Katz, plans to sell half its shares for an estimated $2.2 billion, simultaneously snagging a 20% equity stake in the new, privatized Adevinta.

Independent Evaluation: A Shareholder’s Choice

Adevinta places the power in its shareholders’ hands, urging them to independently assess the offer’s merits, guided by their financial, tax, and legal advisers.

Blackstone and Permira To Buy Norway’s Adevinta : Financial Wizards Behind the Curtain

ABG Sundal Collier ASA and Goldman Sachs Bank Europe SE, Amsterdam Branch are the financial maestros for the buyers. Citigroup Global Markets Europe AG and J. P. Morgan Securities Plc, meanwhile, orchestrate Adevinta’s financial strategies.

Blackstone and Permira To Buy Norway’s Adevinta : Legal Luminaries

The legal landscape is dotted with stars. Skadden’s team for Adevinta is helmed by Lorenzo Corte and Denis Klimentchenko. eBay’s counsel, under Wachtell Lipton, features Karessa L. Cain and Meng Lu.

Awaiting Further Insights

As this groundbreaking deal unfolds, additional counsel information remains eagerly anticipated, promising further twists in this thrilling corporate saga.