Online marketplace giant eBay announced the sale of its classifieds business, which includes its Gumtree platform in the UK, in a US$ 9 billion deal. Norwegian rival Adevinta struck a deal worth US$ 2.5 billion in cash and 540 million shares, making eBay the largest shareholder in the Oslo-based group, with a 44% stake.

As a result of the sale, Adevinta will become the world’s largest online classified advertising provider, having a global presence across 20 countries and revenues of US$ 1.8 billion.