Home Finance UK competition watchdog approves Adevinta acquisition of eBay classified ads unit By...

UK competition watchdog approves Adevinta acquisition of eBay classified ads unit By Reuters

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© Reuters. FILE PHOTO: An eBay sign in an office building in San Jose, California, May 28, 2014. Reuters / Beck Dieffenbach

LONDON (Reuters) – Britain’s competition watchdog on Wednesday approved the planned acquisition of the classified advertising business of US e-commerce conglomerate eBay (NASDAQ:) of Norway’s Adevinta.

The Competition and Markets Authority said in a statement that it would not refer to the acquisition or purchase of eBay’s minority stake in Adevinta for further investigation.

The two companies said in March that they planned to sell three smaller British units to gain regulatory approval for their long-planned alliance of their global classified advertising businesses.

Adevinta welcomed CMA’s move in a statement, and said it aimed to complete the acquisition in the second quarter of this year, subject to regulatory approval in Austria.

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