Carsales.com (ASX:CAR) accelerates in the US

Company News

by Lauren Evans

Carsales.com (ASX:CAR) has successfully acquired a 49 per cent stake in the US digital marketplace business, Trader Interactive.

Australia's largest online automotive, motorcycle and marine classifieds business, funded the acquisition via a $600 million fully underwritten non-renounceable entitlement offer, and upsize of Car's existing debt facilities.

As announced earlier this year, the capital raising was done by offering shareholders one new share for every 6.99 held, with new shares priced at $17 each. Approximately 35.3 million new shares were funded. 

Carsales.com aims to expand its digital marketplace strategy into the US, where buying and selling cars and other recreational equipment is attractive on a international basis. Trader Interactive works with businesses in the powersports, recreational vehicle, commercial truck and equipment sectors.

Shares in Carsales.com (ASX:CAR) are trading 0.84 per cent lower at $24.89.

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