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Illustration: Rebecca Zisser/Axios

eBay on Tuesday said that it will sell a majority stake in its classifieds unit to Norwegian classifieds firm Adevinta.

The big picture: eBay came under pressure in early 2019 from activist investor Elliott Management, which wanted it to spin off both its classifieds and StubHub units from its flagship marketplace platform. StubHub was sold to Viagogo just before the pandemic hit.

Details: The deal values eBay's classifieds unit at $9.2 billion, with eBay to retain a 44% stake in the newly-created company.

  • The business has a higher profile outside of the U.S. than within it, offering online adds in more than 1,000 cities and generating $248 million in Q1 2020 revenue.

Rivals: Adevinta's cash and stock deal beat out an all-cash, $9 billion bid from Dutch conglomerate Prosus. There also was an offer from a private equity consortium that includes The Blackstone Group, Hellman & Friedman, and Permira.

Go deeper

Beauty giant Coty Cosmetics looking to sell its own branded products

Coty Cosmetics CEO Sue Nabi. Photo: Axios on HBO

Coty Cosmetics CEO Sue Nabi tells Axios the beauty giant will “probably” introduce Coty-branded products one day.

Why it matters: Coty produces some of the world’s most popular fragrances, skin care products and color cosmetics on behalf of other well-known brands, but has shied away from producing its own branded products.

28 mins ago - Sports

NFL to end race-based testing in concussion settlements

Photo: Brett Carlsen/Getty Images

The National Football League on Wednesday reached an agreement with former players to end the controversial practice of race-based adjustments in dementia testing, AP reports.

Why it matters: The deal, which must still be approved by a judge, comes amid a broader discussion of racial inequities in health care.

Parents in Michigan, Virginia sue AG over action on school board threats

U.S. Attorney General Merrick Garland during an October news conference in Mexico City. Photo: Hector Vivas/Getty Images

A group of parents in Michigan and Virginia accused Attorney General Merrick Garland in a federal lawsuit Tuesday of trying to "criminalize" free speech by directing law enforcement to review threats against school staff.

Why it matters: The lawsuit, filed by the conservative American Freedom Law Center on behalf of the parents in two school districts, accuses Garland of seeking to suppress free speech in his memorandum directing federal authorities to counter the threats spike.