Carsales.com Limited
(ASX:CAR) has announced it will increase its Latin American footprint, after it entered into an agreement to buy DeMotores, online automotive websites.
The takeover will make Carsales.com one of the largest online automotive classified sites in the Latin American region.
DeMotores operates websites in Argentina, Columbia and Chille and is controlled by one of Argentina’s largest media companies.
The takeover will provide Carsales with significant growth opportunity.
The $6.7 million purchase is tipped to be completed by the end of March 2017.
Carsales.com
(ASX:CAR) posted a profit of $114.08 million at 30 June 2016.
