BEAMSTART Logo

Malaysia's Carsome to buy iCar Asia in a deal worth $200 million

Carsome will own 19.9% in iCar Asia, with plans to acquire the rest of the company later.


Malaysia's Carsome to buy iCar Asia in a deal worth $200 million | BEAMSTART News

- From our Sponsors -

Carsome, one of the most popular platforms for buying and selling used vehicles, announced that it will be acquiring a stake in iCar Asia Ltd in a deal estimated to be worth more than $200 million.

iCar Asia is owned by Catcha Group, and currently listed in the Australia stock exchange.

- Featured Sponsor -

Key Highlights

  • Carsome will be acquiring 19.9% of iCar Asia Ltd from Catcha Group, with plans to acquire the balance of 80.1% from existing shareholders.
  • The total transaction value is estimated to be worth more than $200 million.
  • As part of the acquisition, Catcha Group will become a shareholder of Carsome's parent (holding) company.

Key Highlights

  • Carsome and iCar Asia combined would make the entity one of the largest players in Southeast Asia's vehicle trading market.
  • Currently, Southeast Asia trades over $55 billion worth of automobiles annually, according to Carsome.
  • The acquisition of iCar Asia will allow Carsome to provide a seamless, one-stop solution for vehicle owners, ranging from search, transacting, finance, insurance, and even after-sales services.
  • While no mentions of IPO plans were announced, Carsome is reportedly working with advisors in seeking a $2 billion valuation for an SPAC listing.

- From our Sponsors -

ABOUT THE AUTHOR

Alfred Lee

Journalist at BEAMSTART. I write about breaking business news in the region.

Based in Malaysia

Works at BEAMSTART

ALSO MENTIONED IN THIS POST

Carsome

Smarter, easier way to car buying & selling. Sell your used car with us within 30 mins & compare upfront exslusive offers from our Certified Dealers when buying new car to get the best deal.

Industry:



Have a company of your own? Create a company profile today and easily find customers, raise funds, or hire talent.

BEAMSTART is a Global Community and News Portal for Entrepreneurship. We cover the latest news and bring together a global network of CEOs/founders, Investors, Business Leaders, and Professionals.

 

Download the Community App

Connect with the BEAMSTART Entrepreneurship Community from the palm of your hands. Connect with CEOs/Founders, Investors, Business Leaders, and Professionals. Download below to instantly form partnerships and discover opportunities:

PlayStore ButtonAppStore Button

© 2016 - 2021 BEAMSTART. All Rights Reserved (Legal).