Adevinta has resolved a capital distribution to its shareholders, according to a news release issued by Vend (formerly Schibsted Marketplaces), which holds a 14% stake in the former. Both companies are based in Norway.
It added that the distribution “follows a refinancing of Adevinta’s external debt facilities and the previously communicated divestments of its interests in the joint ventures Distilled (Ireland) and Willhaben (Austria).”
Rumors that Adevinta — which was acquired by a consortium led by private equity firms Blackstone and Permira just over a year ago — was refinancing its debt began to circulate in February this year. Last month, Pitchbook reported that Goldman Sachs was leading a €6.5 billion ($7.4 billion U.S.) loan to the marketplaces operator.
“Vend’s share of the capital distribution amounts to €336 million, equivalent to approximately NOK3.9 billion. This figure includes approximately NOK500 million ($48.9 million) in cash proceeds already disclosed on 20 December 2024.
Tinius Trust, the owner of Schibsted Media, which still holds a 23% stake in Vend, will get NOK900 million. Schibsted Media split from Schibsted Marketplaces (as Vend was then known) in June last year.
“Today’s announcement is further evidence of the significant and ongoing value creation within Adevinta, as well as Vend’s commitment to disciplined capital allocation — returning surplus cash to shareholders while maintaining a conservative balance sheet,” commented Per Christian Mørland, CFO of Vend.
Adevinta is reportedly planning to sell off some or all of its Spain-based assets and preparing an IPO for Germany-based auto marketplace Mobile.de, which will likely lead to additional distributions to shareholders.
