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ABL advises on's $500 million capital raising and $353 million acquisition of increased stake in webmotors Brazil

Capital Markets, Corporate and M&A
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Arnold Bloch Leibler is acting for ASX-listed Limited, as lead deal counsel on the acquisition of an additional 40% stake of Brazilian online automotive business, webmotors, and as Australian legal adviser on the related $500 million capital raising to fund the purchase.

A multi-disciplinary team was assembled to advise carsales across the mergers & acquisitions and equity capital markets components of the deal.

As announced to the ASX this morning, carsales and Banco Santander (joint owner of webmotors) have signed an agreement where carsales will acquire an additional 40% of webmotors, bringing carsales' total stake to 70%. ABL also acted for carsales to acquire the first 30% stake in 2013.

The purchase will be funded by a $500 million fully underwritten entitlement offer which launched today.

Our Corporate and M&A partner Jonathan Wenig led the acquisition, with assistance from senior associate Vidushee Deora and law graduate Vanessa Filipendin.

The equity raising was led by Corporate and M&A partner Jeremy Lanzer, with the assistance of lawyers Cameron Sivwright, Max Grunwald and Drew Hawkes as well as law graduates Stephanie Aitken and Ramon Callis.

Jonathan and Jeremy congratulated our long-standing client on their latest acquisition, commenting: “this latest transaction strengthens carsales’ global offering in an important market and further aligns webmotors to the carsales business and its world-leading innovative culture.”

In today’s AFR, Cameron McIntyre, Group CEO of carsales, is quoted as having referred to the transaction as “a smart strategic move in the company’s fastest growing market for online vehicles”.

This transaction follows carsales’ recent $1.17 billion acquisition of the remainder of Trader Interactive in 2022, a provider of digital marketing solutions and services across the commercial truck, recreational vehicle, power sports and equipment industries. Arnold Bloch Leibler also acted on the Trader Interactive acquisition and associated capital raising.

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