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S&P places Adevinta on watch
S&P said it changed the CreditWatch on Adevinta ASA’s BB- ratings to negative from developing.
On Monday, the company reported that 95% of its shareholders had agreed to take the offer from private equity firms led by Blackstone and Permira to buy Adevinta.
The negative watch reflects the view that the take-private offer will lead to higher leverage. The offer values the company at about the equivalent of €12.4 billion.
The deal will trigger change-in-control provisions that will require the company’s debt to be repaid. S&P said it expects to withdraw Adevinta’s ratings after the repayment.
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