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.
- 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.
- 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.