Oslo, 25 August 2022 - Adevinta ASA has signed an agreement for the sale of Gumtree Australia, CarsGuide and Autotrader Australia to The Market Herald - a fast growing business and finance media platform publishing in Australia, Canada and Germany - for a total cash consideration of US$60m. This sale is part of Adevinta's strategy to focus on driving growth in its five core European markets: Benelux, France, Germany, Italy and Spain. The transaction is expected to close by the beginning of Q4 2022. The proceeds from the transaction will be used to improve Adevinta's leverage ratios.
Adevinta’s Australian portfolio includes three leading online classifieds platforms:
Gumtree: An iconic online marketplace connecting seven million buyers and sellers with 2.8m live listings across hundreds of categories, including cars and vehicles, parts and accessories, home and garden, sport and fitness, electronics and computers, clothing and jewellery, business services, real estate, jobs and more.
Autotrader: An online automotive marketplace, launched in 2018. It has built the second largest dealer network of customers in the country. Autotrader incorporates tools to give buyers information and ultimately more confidence on pricing.
CarsGuide: The leading automotive editorial website in the country, according to Nielsen, with content covering car reviews, news and advice produced by a team of expert motoring journalists.
Adevinta’s operations in Australia have been included in discontinued operations since the third quarter of 2021.
“The decision to divest our operations in Australia follows a strategic review to prioritise investment for growth in five core markets, in the pursuit of reducing complexity and accelerating the execution of our strategy,” commented Antoine Jouteau, CEO Adevinta. “We are confident that The Market Herald is well positioned to create strong growth opportunities for Gumtree, CarsGuide and Autotrader, given their keen focus and expertise in the local Australian market. Adevinta will continue to support the Australian business and its employees during the transition, ensuring business continuity for users and customers. We congratulate The Market Herald on the acquisition and wish them continued success.”
Jag Sanger, Managing Director at The Market Herald, added: “The Market Herald is excited to expand on the Gumtree, CarsGuide and Autotrader platforms. Gumtree is an iconic brand, used by millions of Australians, CarsGuide is the leading automotive editorial website in Australia and Autotrader is an online automotive marketplace with the second largest dealer network in the country. The Market Herald will leverage its editorial, video and streaming capabilities to create new classifieds offerings with Gumtree, CarsGuide and Autotrader, leading to a more relevant and compelling user experience. We thank Adevinta for its support during the transition to an integrated business, and look forward to welcoming the Gumtree, CarsGuide and Autotrader teams to The Market Herald."
Macquarie Capital acted as financial adviser to Adevinta.