U.S based e-commerce Company EBay Inc. (EBAY) is said to be in advanced talks regarding selling its classified ads unit to Norwegian based Adevinta Group (ADEV). The company says it resolved to sell the unit so as to focus on its main marketplace business.
The news was first revealed on Wall Street Journal, the deal will be a cash and stock one. No specific price on the deal has been disclosed yet but experts estimate that the classified unit might go for any price around $8 billion.
The pandemic has resulted to a massive increase in online orders creating a demand for online market places across the world.
The classified ads unit for EBay offers online ads to more than 1,000 cities across the world including big brands such as Kijiji and Gumtree.
In the first quarter of the year, the unit reported revenue of $248 million and an operational income of $83 million.