Latham & Watkins has advised Permira and Blackstone on the landmark private credit loan financing for a voluntary tender offer to acquire all of the outstanding ordinary Class A shares in Adevinta ASA (the Offer) by funds advised by Permira Advisers LLP and funds advised by The Blackstone Group International Partners LLP, as well as General Atlantic and TCV. Adevinta is the world’s largest online classified advertising business with an extensive footprint and leading marketplace brands. The transaction is one of the largest European buyouts announced in 2023.
The Offer is being made through Aurelia Bidco Norway AS, a Norwegian private limited liability company established for the purpose of the Offer. The price per Adevinta share offered to the Adevinta shareholders is NOK115 and corresponds to an equity value of Adevinta of approximately NOK141 billion, which including debt translates into a transaction value of approx. €14 billion.
The Latham team was led by London finance partners Jay Sadanandan and Ben Wright and London corporate partners Jocelyn Seitzman, Jeremy Green, and Patrick Kwak, with associates Delyth Hughes, Corrie Eames, Zahra Haji, Jade Carine, and Rowena McCaughan. Advice on tax matters was provided by partners Helen Lethaby and Matthew Dewitz, with associate Lina Le Roux.