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

Updated 11 mins ago - Politics & Policy

Coronavirus dashboard

Illustration: Annelise Capossela/Axios

  1. Global: Total confirmed cases as of 3 p.m. ET: 20,158,258 — Total deaths: 738,063 — Total recoveries: 12,388,686Map.
  2. U.S.: Total confirmed cases as of 3 p.m. ET: 5,116,791 — Total deaths: 164,137 — Total recoveries: 1,670,755 — Total tests: 62,513,174Map.
  3. States: Florida reports another daily record for deaths State testing plans fall short of demand.
  4. Axios-Ipsos poll: 1 in 2 has a personal connection to COVID-19.
  5. Business: Moderna reveals it may not hold patent rights for vaccine.
  6. 🏈 Sports: Big Ten scraps fall football season due to coronavirus.
18 mins ago - Sports

Big Ten postpones fall sports due to coronavirus

Photo: Joe Robbins/Getty Images

The Big Ten announced Tuesday that it has voted to postpone its 2020 fall sports season, including football, due to risks posed by the coronavirus pandemic, hoping instead to play in the spring.

Why it matters: The move from one of the most prominent conferences in college sports will almost certainly prompt other Power Five leagues to follow suit.

13 of Biden's former rivals to appear together at Democratic convention

Democratic presidential candidates at the primary debate in Charleston, SC. Photo: Win McNamee/Getty Images

In a show of unity at the Democratic National Convention, 13 of Joe Biden's former 2020 challengers will appear via video to talk about the party's vision for the country and how they'll work with Biden to get it done.

Why it matters: Coalescing around Biden and his eventual running mate will help Democrats head into the general election against President Trump with a united front — unlike what they did in 2016.