UK Markets open in 1 hr 53 mins
  • NIKKEI 225

    29,073.54
    +198.31 (+0.69%)
     
  • HANG SENG

    29,210.31
    +327.85 (+1.14%)
     
  • CRUDE OIL

    73.36
    +0.06 (+0.08%)
     
  • GOLD FUTURES

    1,775.90
    -0.80 (-0.05%)
     
  • DOW

    34,196.82
    +322.58 (+0.95%)
     
  • BTC-GBP

    24,880.61
    +1,297.98 (+5.50%)
     
  • CMC Crypto 200

    832.45
    +45.84 (+5.83%)
     
  • Nasdaq

    14,369.71
    +97.98 (+0.69%)
     
  • ^FTAS

    4,051.12
    +11.72 (+0.29%)
     

UK competition watchdog approves Adevinta acquisition of eBay classified ads unit

  • Oops!
    Something went wrong.
    Please try again later.
  • Oops!
    Something went wrong.
    Please try again later.
·1-min read
FILE PHOTO: An eBay sign at an office building in San Jose, California
  • Oops!
    Something went wrong.
    Please try again later.
  • Oops!
    Something went wrong.
    Please try again later.

LONDON (Reuters) - Britain's competition watchdog on Wednesday approved Norway's Adevinta's planned acquisition of U.S. e-commerce group eBay's classified ads business.

The Competition and Markets Authority said in a statement it would not refer the acquisition or eBay's purchase of a minority stake in Adevinta to further investigation.

The two companies said in March they planned to sell three smaller British units in order to secure regulatory approval for a long-planned tie-up of their global classified ads businesses.

Adevinta in a statement welcomed the CMA move, and said it targeted completion of the acquisition in the second quarter this year, subject to regulator approval in Austria.

(Reporting by Tom Wilson; Editing by Dhara Ranasinghe)

Our goal is to create a safe and engaging place for users to connect over interests and passions. In order to improve our community experience, we are temporarily suspending article commenting