Leboncoin Acquired by Anglo-Saxon Funds for €12.1 Billion
Adevinta Agrees to Sale to Investment Giants Blackstone and Permira
In a significant shift in the European online marketplace landscape, Leboncoin, under the umbrella of Adevinta, has agreed to a takeover offer led by American investment fund Blackstone and British fund Permira.
Key Details of the Acquisition
- Acquisition Price: The deal is valued at €12.1 billion, with an offer of 115 Norwegian crowns (€9.8) per share.
- Major Stakeholders' Support: Key shareholders of Adevinta, Leboncoin's parent company, have shown overwhelming support, with 73% backing the takeover.
- Stock Market Reaction: The announcement spurred a sharp rise in Adevinta's stock price.
Leboncoin's Vital Role in Adevinta's Success
Leboncoin, known for its popular classified ads in France and as the second most-visited e-commerce site after Amazon in the country, contributed significantly to Adevinta's revenue. In 2022, it generated €494 million, accounting for 30% of Adevinta's total revenue.
Leadership and Expansion
- Leadership Change: Former head of Leboncoin France, Antoine Jouteau, ascended to CEO of Adevinta in August 2022.
- Strategic Growth: Under new leadership, Leboncoin is expanding its services, aiming to become a European leader in the second-hand market.
Implications and Future Prospects
While this acquisition marks a pivotal change, some Adevinta board members express concerns, suggesting the offer undervalues the company's future potential. Nonetheless, Leboncoin continues to thrive, fueled by its parent company's strategic acquisitions and growth initiatives.
