CAR Group Unit to Acquire 51% Stake in Brazil's Auto Avaliar
MT Newswires Live08:16
CAR Group (ASX:CAR), through its subsidiary Webmotors, agreed to acquire a 51% stake in Brazil-based Auto Avaliar for 543 million Brazilian reais, according to a Thursday Australian bourse filing.
Auto Avaliar operates a digital business-to-business platform that enables dealerships, independent retailers, and rental companies to value and trade used vehicles, per the filing.
CAR Group said the transaction is not expected to have a material impact on its consolidated revenue or earnings, with completion subject to regulatory approvals from Brazil's CADE and Central Bank, as well as customary closing conditions, the filing added.
The company's shares rose around 3% in recent Thursday trade.
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