February 12, 2020 / 7:36 AM / 13 days ago

Norway's Adevinta eyes acquisitions in Europe

OSLO, Feb 12 (Reuters) - Online classifieds group Adevinta could spend parts of its growing cash pile on acquisitions in European markets, the company’s chief executive told Reuters on Wednesday.

The Norwegian firm, which listed in Oslo last April, has seen its shares rise by 50% since the spin-off from media company Schibsted.

Adevinta had said from the outset it would not pay a dividend for 2019, and has not yet decided when to start doing so, Rolv Erik Ryssdal said in an interview.

“At some point we will pay a dividend but it’s a bit early to say when. We do want to keep out financial flexibility but we’re not going to sit on a mountain of cash, so it depends on our mergers and acquisitions activity,” Ryssdal told Reuters.

“We want to strengthen out position in markets we’re already in, but we could also be interested in geographies that are adjacent to those we’re already in, particularly in western Europe,” he added.

Adevinta’s biggest markets are in France, Spain and Brazil. (Reporting by Terje Solsvik, editing by Gwladys Fouche)

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