Carsales.com Limited
(ASX:CAR) has acquired a controlling shareholding in Chilean automotive classifieds website Chileautos.
Carsales acquired an 83 percent stake in Chileautos, with the existing owners retaining the remaining 17 percent stake. Carsales retains an option to purchase the remaining 17 percent at any time during the next four years.
CEO Greg Roebuck said it views Latin America as an attractive market for carsales, adding that Chileautos is a great addition to the company’s portfolio of international assets.
Carsales’ initial investment was US$15 million, funded from existing cash reserves and syndicated debt facilities.
Carsales recorded a net profit of $54.06 million at 31 December 2015.
