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.

Alfred Lee

13 Jul, 2021

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

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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.

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.

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Alfred Lee

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

Based in Malaysia

Work Experience Not Specified

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