eBay is closing in on the sale of its classifieds unit to the tune of $8 billion, fulfilling a promise to activist shareholders to focus on its core offering of being an online marketplace.
Netherlands-based Prosus is reportedly close to buying the unit. eBay is expected to finalize the all-cash sale as soon as Friday.
The deal encompasses other online marketplaces that eBay owns, including Kijiji and Gumtree--two classified-listing services that are popular in Canada and the U.K., respectively.
Prosus has been competing against a private-equity consortium - backed by Blackstone Group, Permira and Hellman & Friedman - as well as another overture from Norwegian online marketplace Adevinta ASA, according to Bloomberg.
Prosus submitted an all-cash offer, while Adevinta’s bid was a mix of cash and stock, Bloomberg said.
eBay said back in February that it was in active talks with multiple suitors about a potential deal for its classifieds business as it responded to pressure from activist investors to focus more on its main online marketplace which has been struggling against competition from the likes of Amazon.
Jim Cramer weighed in on what he's thinking about when it comes to eBay.
Watch the full video above for more.
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