eBay has streamlined its focus and reached a deal to sell its classifieds business for nearly $9 billion.
In addition to its traditional business, eBay has a Craigslist-style classifieds business in approximately 1,000 cities around the world. eBay has been looking to sell that portion of the business for some time.
According to Reuters, Norwegian firm Adevinta has won the auction for the classified business, which includes Gumtree and Kijiji, agreeing to pay almost $9 billion. eBay will still maintain a minority stake in the business. Adevinta already maintains online marketplaces in some 15 countries, and will double in size as a result of the deal.
Given how popular online shopping has become as a result of the pandemic, eBay could not have chosen a better time make this deal.