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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