On November 24, 2019, we entered into a stock purchase agreement with an affiliate of viagogo to sell our StubHub business. On February 13, 2020, we completed the sale of our StubHub business to an affiliate of viagogo for a purchase price of $4.05 billion in cash, subject to certain adjustments specified in the purchase agreement, including adjustments for indebtedness, cash, working capital and transaction expenses of StubHub at the closing of the transaction. The sale was completed for $4.1 billion in proceeds ($3.2 billion, net of income taxes of approximately $900 million) and a pre-tax gain of $3.9 billion within income from discontinued operations, both subject to working capital adjustments.

In connection with the sale of StubHub, we entered into a transition service agreement (“TSA”) with viagogo pursuant to which we are providing services, including, but not limited to, business support services for StubHub after the divestiture. These agreements commenced with the close of the transaction and have minimum initial terms ranging from 12 to 18 months and can be extended by viagogo for a maximum of 12 months. The estimated related fees in 2021 are $27 million for support services.

On July 20, 2020, we entered into a definitive agreement with Adevinta to transfer our Classifieds business to Adevinta for $2.5 billion in cash, subject to certain adjustments, and approximately 540 million shares in Adevinta. On June 24, 2021, we completed the previously announced transfer of our Classifieds business to Adevinta. Upon closing, we received consideration of approximately $2.5 billion in cash, subject to certain adjustments as specified in the definitive agreement, and approximately 540 million shares in Adevinta which represent an equity interest of 44%, comprised of approximately 33% of voting shares and 11% of non-voting shares. Together, the total consideration received at the close of the transaction was valued at $13.3 billion, based on the closing trading price of Adevinta’s outstanding shares at the Oslo Stock Exchange on June 24, 2021. The equity interest received is accounted for under the fair value option.

The transfer of our Classifieds business was completed for total consideration of $13.3 billion which comprised of $2.5 billion in cash proceeds and shares of Adevinta valued at $10.8 billion on the date of close. The transfer resulted in a pre-tax gain of $12.5 billion and related income tax expense of $2.1 billion, both within income from discontinued operations. The consideration is subject to adjustments specified in the definitive agreement.

In addition, upon closing we entered into a transition service agreement (“TSA”) with Adevinta to support the operations of Classifieds after the divestiture for fees of $29 million. This agreement commenced with the close of the transaction and have minimum initial terms ranging from 6 to 12 months and can be extended for a maximum of 6 months.

On July 14, 2021, we entered into a share purchase agreement with Permira to sell approximately 125 million of our voting shares in Adevinta for total consideration of $2.25 billion based on an implied purchase price of approximately $18.02. The price represents an approximate 7% discount to the 10-day VWAP of Adevinta shares as of July 12, 2021 and a 5% discount to the 30-day VWAP as of July 12, 2021. In addition, we granted Permira an option, exercisable within 30 days after the date of the purchase agreement, to purchase approximately 10 million additional voting shares for $180 million in consideration based on an implied purchase price of approximately $18.02. On July 29, 2021, Permira exercised the option. At the close of both transactions, our ownership in Adevinta will be reduced to 33%. The transactions are expected to close in the fourth quarter of 2021, subject to the receipt of required regulatory approvals.

On June 30, 2021, we entered into a securities purchase agreement with Emart, to sell 80.01% of the outstanding equity interests of eBay Korea, pursuant to the terms and conditions of the securities purchase agreement, in exchange for KRW 3.44 trillion, or approximately $3.0 billion as of the agreement date, subject to certain adjustments specified for indebtedness, cash, working capital, transaction expenses and certain taxes. We will retain 19.99% of the outstanding equity interests of eBay Korea. The transaction is expected to close within one year of the signing date, subject to certain conditions, including receipt of regulatory approvals. We have classified the results of the eBay Korea business as discontinued operations in our condensed consolidated statement of income for the periods presented. Additionally, the related assets and liabilities associated with eBay Korea are classified as held for sale in our condensed consolidated balance sheet beginning in the second quarter of 2021. The assets and liabilities held for sale are classified as current in our condensed consolidated balance sheet as we expect to close this transaction within one year.


	Three Months Ended September 30,				Nine Months Ended September 30,
	2021		2020		2021 (1)		2020 (2)
eBay Korea income (loss) from discontinued operations, net of income taxes	$	(1)	$	16	$	3	$	46
Classifieds income (loss) from discontinued operations, net of income taxes	(18)		47		10,482		132
StubHub income (loss) from discontinued operations, net of income taxes	—		(4)		9		2,931
PayPal and Enterprise income (loss) from discontinued operations, net of income taxes	—		—		—		(2)
Income (loss) from discontinued operations, net of income taxes	$	(19)	$	59	$	10,494	$	3,107


	Three Months Ended September 30,				Nine Months Ended September 30,
	2021		2020		2021 (1)		2020 (2)
eBay Korea net cash provided by (used in) discontinued operating activities	$	22	$	70	$	29	$	89
Classifieds net cash provided by (used in) discontinued operating activities	(428)		137		(283)		256
StubHub net cash provided by (used in) discontinued operating activities	—		(748)		—		(858)
Net cash provided by (used in) discontinued operating activities	$	(406)	$	(541)	$	(254)	$	(513)

eBay Korea net cash (used in) discontinued investing activities	$	(1)	$	(8)	$	(10)	$	(18)
Classifieds net cash provided by (used in) discontinued investing activities	—		(7)		2,453		(51)
StubHub net cash provided by (used in) discontinued investing activities	—		—		—		4,075
Net cash provided by (used in) discontinued investing activities	$	(1)	$	(15)	$	2,443	$	4,006

eBay Korea net cash provided by (used in) discontinued financing activities	$	64	$	(2)	$	2	$	(7)
Classifieds net cash provided by (used in) discontinued financing activities	—		—		—		(2)

Net cash provided by (used in) discontinued financing activities	$	64	$	(2)	$	2	$	(9)

The financial results of StubHub are presented as income from discontinued operations, net of income taxes on our condensed consolidated statement of income. The following table presents the financial results of StubHub (in millions):


	Three Months Ended September 30,				Nine Months Ended September 30,
	2021		2020		2021		2020(1)
Net revenues	$	—	$	—	$	—	$	100
Cost of net revenues	—		—		—		31
Gross profit	—		—		—		69
Operating expenses:
Sales and marketing	—		—		—		51
Product development	—		(2)		—		27
General and administrative	—		—		—		33
Provision for transaction losses	—		—		—		3
Amortization of acquired intangible assets	—		—		—		1
Total operating expenses	—		(2)		—		115
Income (loss) from operations of discontinued operations	—		2		—		(46)
Pre-tax gain (loss) on sale	—		(8)		12		3,868
Income (loss) from discontinued operations before income taxes	—		(6)		12		3,822
Income tax benefit (provision)	—		2		(3)		(891)
Income (loss) from discontinued operations, net of income taxes	$	—	$	(4)	$	9	$	2,931

The financial results of Classifieds are presented as income from discontinued operations, net of income taxes on our condensed consolidated statement of income through June 24, 2021, when the transfer of Classifieds was completed. Each period presented below includes the impact of intercompany revenue agreements through June 24, 2021. The impact of these intercompany revenue agreements to net revenues and cost of net revenues was $5 million for the nine months ended September 30, 2021, and $2 million and $9 million for the three and nine months ended September 30, 2020, respectively. Subsequent to the transfer of the Classifieds business, revenue agreements between Adevinta and eBay will continue for a term of three years with an option to extend for twelve months. The expected continuing revenue and cash flows are not considered to be material. The following table presents the financial results of Classifieds for the periods indicated (in millions):


	Three Months Ended September 30,				Nine Months Ended September 30,
	2021		2020		2021 (1)		2020
Net revenues	$	—	$	263	$	565	$	705
Cost of net revenues	—		27		63		76
Gross profit	—		236		502		629
Operating expenses:
Sales and marketing	—		72		183		220
Product development	—		44		105		118
General and administrative	9		36		76		98
Provision for transaction losses	—		3		2		13
Amortization of acquired intangible assets	—		2		—		6
Total operating expenses	9		157		366		455
Income (loss) from operations of discontinued operations	(9)		79		136		174
Interest and other, net	—		(1)		—		1
Pre-tax gain (loss) on sale	—		—		12,524		—
Income (loss) from discontinued operations before income taxes	(9)		78		12,660		175
Income tax provision	(9)		(31)		(2,178)		(43)
Income (loss) from discontinued operations, net of income taxes	$	(18)	$	47	$	10,482	$	132

The financial results of eBay Korea are presented as income from discontinued operations, net of income taxes on our condensed consolidated statement of income. The following table presents the financial results of eBay Korea (in millions):


	Three Months Ended September 30,				Nine Months Ended September 30,
	2021		2020		2021		2020
Net revenues	$	374	$	348	$	1,157	$	987
Cost of net revenues	217		178		663		482
Gross profit	157		170		494		505
Operating expenses:
Sales and marketing	136		132		418		390
Product development	14		16		43		43
General and administrative	8		5		29		13
Provision for transaction losses	—		—		—		—

Total operating expenses	158		153		490		446
Income (loss) from operations of discontinued operations	(1)		17		4		59
Interest and other, net	1		1		2		1
Income (loss) from discontinued operations before income taxes	—		18		6		60
Income tax benefit (provision)	(1)		(2)		(3)		(14)
Income (loss) from discontinued operations, net of income taxes	$	(1)	$	16	$	3	$	46


	December 31, 2020
Carrying amounts of assets included as part of discontinued operations:
Cash and cash equivalents	$	23
Accounts receivable, net	117
Other current assets	30
Long-term investments	32
Property and equipment, net	31
Goodwill	465
Intangible assets, net	35
Operating lease right-of-use assets	20
Deferred tax assets	435

Total assets classified as discontinued operations in the condensed consolidated balance sheet	$	1,188

Carrying amounts of liabilities included as part of discontinued operations:

Accounts payable	$	18
Accrued expenses and other current liabilities	104
Deferred revenue	4
Income taxes payable	35
Operating lease liabilities	11
Deferred tax liabilities	278
Other liabilities	2
Total liabilities classified as discontinued operations in the condensed consolidated balance sheet	$	452


	September 30, 2021		December 31, 2020
Carrying amounts of assets included as part of held for sale:
Cash and cash equivalents	$	352	$	327
Short-term investments	—		6
Accounts receivable, net	54		50
Customer accounts and funds receivable	542		649
Other current assets	87		45

Property and equipment, net	63		66
Goodwill	376		390

Operating lease right-of-use assets	61		79
Deferred tax assets	22		—
Other assets	13		14
Total assets classified as held for sale in the condensed consolidated balance sheet	$	1,570	$	1,626

Carrying amounts of liabilities included as part of held for sale:

Short-term debt	$	8	$	12
Accounts payable	64		54
Customer accounts and funds payable	578		673
Accrued expenses and other current liabilities	77		91
Deferred revenue	10		12
Income taxes payable	120		13
Operating lease liabilities	46		64
Deferred tax liabilities	22		(9)
Long-term debt	—		5
Other liabilities	5		3
Total liabilities classified as held for sale in the condensed consolidated balance sheet	$	930	$	918