Adevinta Secures $7.4 Billion Loan with Goldman Sachs at Helm
Deal News | May 12, 2025 | Aim Group
Goldman Sachs is spearheading a $7.4 billion USD loan package for Norwegian marketplaces operator Adevinta, with the loan representing a 1.7 billion euro increase to the original 4.8 billion euro loan that supported a buyout of the company last year. The package includes contributions from 19 direct lending funds such as Apollo, Blue Owl, and Oaktree among others. This new loan will reprice the interest rate to Euribor + 4.75%. The additional funds are speculated to finance dividend payments to shareholders. This unitranche loan, a blend of senior and subordinated debt, marks the largest of its kind in Europe, emphasizing the shifting dynamics favoring direct lenders amid market volatility. A consortium led by Blackstone and Permira acquired a majority stake in Adevinta in a deal valued at NOK 141 billion, marking the largest marketplace transaction on record. The new owners have begun divesting Adevinta's holdings in certain markets.
Sectors
- Investment Banking
- Private Equity
- Financial Services
- E-Commerce
Geography
- Norway – Adevinta is based in Norway, and the loan is for its business operations.
- United States – Goldman Sachs, an American investment bank, is leading the financial arrangement.
- Europe – The loan represents a significant financial event in the European market.
Industry
- Investment Banking – Goldman Sachs, a major investment bank, is leading a significant loan package for Adevinta.
- Private Equity – Blackstone and Permira, private equity firms, led the acquisition of Adevinta and are now involved in its restructuring.
- Financial Services – The involvement of multiple direct lending funds highlights the role of financial services in structuring the loan.
- E-Commerce – Adevinta is a marketplaces operator within the e-commerce sector, focusing on digital marketplaces.
Financials
- $7.4 billion – Total loan amount being led by Goldman Sachs for Adevinta.
- €1.7 billion – Increase in the original loan amount to finance dividends.
- NOK141 billion – Value of Adevinta's acquisition by Blackstone and Permira.
- Euribor + 4.75% – The repriced interest rate for the loan.
Participants
| Name | Role | Type | Description |
|---|---|---|---|
| Adevinta | Target | Company | A Norwegian-based marketplaces operator involved in a major loan arrangement and restructuring. |
| Goldman Sachs | Lead Banker | Company | A major U.S. investment bank leading the loan package for Adevinta. |
| Apollo | Lender | Company | A participating fund in the loan package for Adevinta. |
| Blue Owl | Lender | Company | A participating fund in the loan package for Adevinta. |
| Sixth Street | Lender | Company | A participating fund in the loan package for Adevinta. |
| ICG | Lender | Company | A participating fund in the loan package for Adevinta. |
| Arcmont | Lender | Company | A participating fund in the loan package for Adevinta. |
| Oaktree | Lender | Company | A participating fund in the loan package for Adevinta. |
| CVC | Lender | Company | A participating fund in the loan package for Adevinta. |
| PSP | Lender | Company | A participating fund in the loan package for Adevinta. |
| GIC | Lender | Company | A participating fund in the loan package for Adevinta. |
| Blackstone | Private Equity Owner | Company | A private equity firm that acquired a stake in Adevinta. |
| Permira | Private Equity Owner | Company | A private equity firm that acquired a stake in Adevinta. |