European classifieds company Adevinta ASA jumped the most in three years after saying it’s received a private equity takeover proposal that would rank as one of the year’s biggest buyouts.
Shares of Adevinta gained 24% to 106.20 kroner as of 10:35 a.m. Friday in Oslo, giving the company a market value of about $12.1 billion and marking the biggest daily gain since July 2020. Adevinta’s euro bond due November 2027 was poised for its biggest rise on record, according to Bloomberg-compiled prices.
The potential takeover of Adevinta is the latest sign that private equity firms are warming up to do bigger transactions as interest rates begin to stabilize and worries about a global recession recede.In July, private equity firm GTCR agreed to buy a majority stake in payments company Worldpay in a deal valuing the business at $18.5 billion.
Oslo-based Adevinta’s largest shareholders, eBay Inc. and Norwegian media group Schibsted ASA, expressed their support for the private equity proposal and would retain part of their current stakes, according to Thursday’s statement. “We don’t see an obvious list of counter-bidders for the asset given its size,” Jefferies analysts including Giles Thorne wrote in the report Friday. “For Schibsted, this would represent a good outcome and likely unlock a series of larger buybacks by management as they seek to re-rate.”
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