In June 2021, the CMA announced that it had accepted undertakings offered by Adevinta and eBay to resolve the competition concerns raised by the UK governor, following its review of Adevinta ’ south learning of electrocardiogram. These remedies included the sale of Gumtree UK ( including Motors.co.uk ), angstrom well as Shpock, which Adevinta divested to Russmedia Equity Partners in June 2021 .
O3 and Novum Capital both have long track records in the media and entertainment diligence, helping businesses to grow and realise measure. Combining their significant have and deep sector expertness, the two firms will focus on investing in and growing the Gumtree UK business, leveraging the caller ’ s strong brand recognition in the UK market and their competence in digital selling, media and data .
Rolv Erik Ryssdal, Adevinta CEO, said : “We are pleased to have completed the sale of Gumtree UK and Motors.co.uk to O 3 and Novum Capital. There was a high level of interest throughout the sale process, reflecting the quality of the Gumtree UK business and management team. We are confident that both O 3 and Novum Capital are well placed to continue growing Gumtree UK and Motors.co.uk as they focus on providing leading classifieds advertising services to the UK market.
“The acquisition of eCG was a significant milestone for Adevinta, and we remain focused on successfully integrating the two businesses. The combination provides us the scale, expertise and talent to build innovative, world-class products that create value for all of our stakeholders.”
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Daniel Ozen, President of O3 Industries, said : “We are excited to have reached this agreement to acquire Gumtree UK and Motors.co.uk, an iconic general classifieds as well as automotive marketplace. O 3 Industries is a trusted partner for businesses that have both a demonstrated record of innovation and customer service and, at the same time, clear opportunities for continued growth. That is precisely what we see in Gumtree UK and Motors.co.uk. We look forward to working with its talented and experienced team and welcoming its associates into the O 3 family.”
Felix Homann, Partner of Novum Capital, added : “Gumtree UK’s value proposition is more vital than ever, enabling consumers to participate more in the circular economy by buying and selling second-hand. Likewise, Motors.co.uk supports car dealers in satisfying the growing demand from consumers for a great online car buying experience. We are excited to put our expertise and passion to work in order to seize the opportunities this presents.”
In 2020, Gumtree UK and Motors.co.uk accounted for c. 7 % of consolidated revenues for eBay Classifieds Group and c. 4 % for sum Adevinta .
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