22 November 2023
- Jennifer Chimanga, Jeroen Thijssen, Hudson Archer, Robin Traas, Lourenço Limão Oliveira, Sophie Nannetti, Mark-Jan Arends , Pieter Leefers, Richard Blewett, Maarten Kennis, Erik O'Connor, Catherine Freeman, Richard Day, William Goulbourne, John Healy, Christine Kim
Clifford Chance advises Schibsted on voluntary offer for Adevinta by financial investors including Permira and Blackstone valued at US$13 billion
Global law firm Clifford Chance is advising Schibsted, the international listed media group, in connection with a voluntary tender offer led by a consortium of financial investors (including Permira and Blackstone) aiming to acquire all outstanding ordinary Class A shares in Adevinta. Adevinta is an online classified business listed on the Oslo Stock Exchange.
The offer has support from the three largest shareholders of Adevinta, namely Schibsted, eBay, and Permira, collectively representing approximately 72.3% of its share capital. The valuation of the offer places Adevinta at approximately US$13 billion.
Schibsted has agreed to selling a portion of its Adevinta stake, subject to the completion of the offer. The remaining stake will be reinvested in the new private entity holding Adevinta shares.
Completion of the transaction is expected to occur in the second quarter of 2024, subject to fulfillment of customary conditions including receipt of regulatory approvals.
Jennifer Chimanga, Tech M&A partner at Clifford Chance, who led on the deal, commented, "We are thrilled to be supporting our long-standing client Schibsted on this landmark transaction, which will unlock significant value for its shareholders and a provide a major confidence boost to European deal-making against a very challenging macro-economic environment."
The multidisciplinary team led by Jennifer included Amsterdam partner Jeroen Thijssen, senior associates Hudson Archer and Chris Grey and associates Robin Traas, Lourenço Limão Oliveira and Sophie Nannetti. Specialist advice was provided by the following:
- Dutch law: partner Mark-Jan Arends, counsel Pieter Leefers
- Anti-trust: partner Richard Blewett and associate Maarten Kennis
- Public M&A: partner Erik O'Connor and senior associate Catherine Freeman
- Financing: partners Richard Day and Taner Hassan and senior associate William Goulbourne
- US law: partner John Healy and associate Christine Kim
Norwegian law firm Wiersholm is co-adviser to Schibsted.