Adevinta Q4 Revenue Beats Forecast, eBay Deal on Track

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OSLO, Feb 11 Reuters Norways Adevinta posted strongerthanexpected revenues for the final three months of 2020 and said its planned takeover of eBays online classifieds business remains on track for completion in the first quarter this year.

The Oslolisted companys OctoberDecember revenue was flat yearonyear at 200.2 million euros 242.8 million, while analysts in a Refinitiv poll on average had expected 186.4 million euros.

Adevintas business contracted sharply in the second quarter of 2020 as online sites for autos, real estate and jobs suffered amid Europes first wave of COVID19 lockdowns, but users have since returned as conditions eased.

The companys earnings before interest, tax, depreciation and amortization EBITDA, including joint ventures, fell 2 yearonyear to 51.3 million euros in the fourth quarter, beating the 47.5 million euros expected by analysts.

Adevinta in July agreed to buy eBays classified ads unit in a 9.2 billion cash and shares deal to form the worlds largest online classifieds group with a presence in 17 countries, aiming to close the transaction in early 2021.

1 0.8246 euros

Reporting by Terje Solsvik, editing by Victoria Klesty

Source Reuters

 

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