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eBay Classifieds Attracts Interest From Axel Springer

May 25, 2020 / PYMNTS

A new suitor has emerged for eBay Inc.’s classified advertising business, the Financial Times reported. Axel Springer, the German-based digital publishing house that is backed by KKR & Co., a global investment firm with offices in New York, has submitted an initial bid for the eBay division. Prior to COVID-19, it was expected that a deal for the classifieds unit could be worth up to $10 billion. eBay could decide as soon as next week who reaches the next round, the sources said. The San Jose, California-based company reported revenues of $2.4 billion in the first quarter of 2020, down 2 percent from the same period one year ago. eBay shares rose by 2.3 percent at the close on Friday (May 22), according to Yahoo! Finance. Analysts say that if the deal is signed, it could be among the largest transactions of the year in Europe between private equity firms.