Carsales.com Ltd completed the acquisition of a 40% stake in Webmotors S.A. from Santander Corretora de Seguros, Investimentos e Serviços S.A.
April 28, 2023
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carsales.com Ltd (ASX:CAR) agreed to acquire 40% stake in Webmotors S.A. from Santander Corretora de Seguros, Investimentos e Serviços S.A. for BRL1.2 billion on March 8, 2023. Santander is strongly committed to the webmotors business, retaining a 30% interest in webmotors and a contractual commercial partnership to drive continued growth in auto finance. The Transaction is expected to be EPS neutral in the first full year after completion and accretive thereafter. The Acquisition is subject to various customary conditions, including obtaining regulatory approval,12 carsales obtaining equity funding and lender consent to proceed with the Acquisition, and webmotors providing carsales with its audited financial statements for CY22 (with certain financial metrics in those financial statements not being materially inconsistent with webmotors? CY22 management accounts). The Acquisition is expected to complete in Q4 FY23. As of March 16, 2023, Brazilian antitrust body Cade has been notified of the acquisition. Credit Suisse AG acted as financial advisor to Banco Santander. Jeremy Lanzer of Arnold Bloch Leibler acted as legal advisor to carsales. Goldman Sachs Australia Pty Ltd acted as financial advisor to carsales.com Ltd.
carsales.com Ltd (ASX:CAR) completed the acquisition of a 40% stake in Webmotors S.A. from Santander Corretora de Seguros, Investimentos e Serviços S.A. on April 28, 2023.
CAR Group Limited, formerly Carsales.Com Ltd, is an Australia-based online automotive, motorcycle and marine classifieds business. The Company provides a marketplace to buy and sell cars, motorcycles, trucks, caravans, and boats. Its segments include Australia-Online Advertising Services; Australia-Data, Research and Services; Australia-carsales investments; North America; Latin America, and Asia. The Australia-Online Advertising Services segment include online automotive classifieds, display advertising services and finance commission. The Australia-Data, Research and Services segment includes automotive data services including software, analysis, research and reporting, valuation services, Website development, hosting, and photography services. The Australia-carsales investments segment include online tire retail and wholesale and inspection services. The North America and Asia segment includes online automotive classifieds, display advertising services and automotive data services.