US e-commerce group eBay and Norwegian online advertising group Adevinta have received final approval for the merger of the two corporations’ global advertising divisions.
Under the deal reached last year, Adevinta will acquire eBay’s Classifieds Group, paying $2.5 billion in cash and 540 million shares, for a deal value of about $13 billion at current stock prices.
The Austrian Federal Competition Authority (FCA) has approved the deal, removing the only hurdle left after the UK’s Competition and Markets Authority approved it earlier this month.
According to Adevinta’s announcement, the deal is expected to be completed on June 25 or near that date.
With the acquisition, eBay will become Adevinta’s largest shareholder with a 44% stake and 33.3% voting rights, and eBay will receive two positions on Adevinta’s board of directors.
Under the agreement with the FCA, eBay must reduce its financial interest in Adevinta to no more than 33% within 18 months of closing the transaction.