Ebay sells Gumtree to Norwegian rival Adevinta in $9bn deal

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Ebay has sold its online classifieds business, which includes its Gumtree platform in the UK, in a $9bn (£7.1bn) deal as it ramps up focus on its core marketplace proposition.

Norwegian rival Adevinta has struck a deal worth £2.5bn (£1.9bn) in cash and 540 million shares, making eBay the largest shareholder in the Oslo-based group with a 44% stake. 

The sale will make Adevinta the world’s largest online classified advertising provider, with a presence in 20 countries and revenues of $1.8bn (£1.4bn). 

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