Malaysia-based online used car platform, Carsome has acquired a 51% stake in Singapore-based used car dealer and parallel importer, CarTimes Group.
Established in 2001, CarTimes Group is an auto company that offers a full suite of auto solutions ranging from retail, rental, insurance, and workshop servicing.
Previous Highlights
Key Takeaways from Acquisition
- The acquisition came after Carsome's acquisition completion of iCar Asia.
- Carsome aims to deepen its footprint in the Singapore auto market with this acquisition, and hopes to provide more options and transparency to customers together.
- Moreover, the acquisition also reinforces Carsome's commitment to boost its ecosystem expansion.
- According to a private source, the agreed acquisition deal is half in cash and half in shares, estimated at around US$60 million.
- On 7 March, regulatory filings show that CarTimes' managing director, Eddie Loo transferred 408,000 ordinary shares of the company to the entity Carsome Group.
- Currently, Loo still owns the remaining 49% stake of CarTimes Group.
