eBay to Use $2.2 Billion from Possible Sale of Adevinta Stock for ‘General Corporate Purposes’
eBay sold its classifieds business to Adevinta a few years ago after pressure from activist investors Elliott Management and Starboard Value while obtaining a stake in the company. On Tuesday, eBay announced its support for a deal that would net it $2.2 billion and a 20% stake in a newly privatized Adevinta. eBay said it intended to use the cash proceeds from the prospective transaction for general corporate purposes – and it said it remained committed to share-buybacks and dividends…