Nov 26, 2021

Share Norway’s global classifieds company Adevinta is looking for a buyer of its Aussie assets. In Australia, the business owns CarsGuide, Autotrader and Gumtree, which also has a presence in the UK, South Africa and Singapore. Adevinta is putting CarsGuide and Autotrader up for sale in 2022. Justin McManus The sale comes despite the company only acquiring the assets a few months ago when it bought the global operations of the eBay Classifieds Group for $US2.5 billion in cash and 540 million Adevinta shares, representing a 44 per cent stake. Adevinta announced its decision to divest the brands as part of its third quarter results overnight. It also plans to sell its South African brands, with both sales taking place in 2022. Advertisement “Following the completion of the eBay Classifieds Group acquisition, we have refreshed our strategy and reviewed our portfolio of brands to focus and propel Adevinta for the long term,” Adevinta CEO Rolv Erik Ryssdal said. “Going forward, we will concentrate our investment capacity on five core markets: Germany, France, Spain, Benelux and Italy, where we remain very excited about the significant growth opportunities and our unique positions to capture those.” The company’s revenue grew 6 per cent in the third quarter to €386 million, hampered by a constrained car production market globally due to the semiconductor chip shortage. Get a first look at tomorrow's headlines Sign up to the Street Talk First Look newsletter