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(Bloomberg) -- Adevinta ASA, the European online classified company backed by Blackstone Inc. and Permira, is nearing an agreement to sell its stake in Austrian digital marketplace Willhaben, according to people familiar with the matter.
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Adevinta is finalizing the terms of a sale of its holding to joint venture partner Styria Media Group and European growth investor Sprints, the people said. A transaction is set to value the business at about €500 million ($519 million) and could be announced as soon as Monday, said the people, who asked not to be identified as the information is private.
Blackstone and Permira agreed to buy Adevinta in 2023 and it was delisted from the Oslo stock exchange in June last year. Founded in 2006, Willhaben is a joint venture between Adevinta and Styria, which is one of Austria’s largest media groups with holdings including the Die Presse and Vecernji List newspapers. The platform includes categories across real estate, cars and job postings.
Representatives for Blackstone, Permira and Sprints declined to comment, while Styria didn’t immediately respond to queries.
Adevinta’s private equity owners plan to invest more in other parts of its portfolio including the Leboncoin classifieds site in France, the Mobile.de car marketplace in Germany and its operations in Benelux, the people said.
--With assistance from Marton Eder.
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