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carsales to acquire remaining 51% of US-based Trader Interactive for $1.17 billion, supported by ‘largest equity raising this year’

Banking & Finance, Capital Markets, Corporate and M&A
iStock 1197737465

As reported extensively across the media in recent days, longstanding Arnold Bloch Leibler client Limited will acquire the remaining 51 per cent of US commercial trucks and RVs listing business Trader Interactive for $US809 million ($1.17 billion).

Arnold Bloch Leibler assembled a multi-disciplinary team to advise carsales across the mergers & acquisitions, equity capital markets, and debt components of the deal.

As further announced by carsales to ASX this morning, the institutional component of the equity raising was strongly supported with 90 per cent take-up from eligible institutional shareholders. The Australian reported on Monday that the entitlement offer “marks the largest equity raising this year”.

This acquisition follows the successful purchase by carsales of an initial 49 per cent stake in Trader Interactive for $US624 million ($797 million), which completed in September 2021 and on which Arnold Bloch Leibler also acted.

Quoted in the AFR, carsales CEO Cameron McIntyre said the strategic acquisition would lead to cost synergies and revenue opportunities in the US non-automotive listings market, which is 16 times bigger than the same market in Australia. He welcomed the strong support from institutional shareholders for the entitlement offer, demonstrating their endorsement of the acquisition.

The Arnold Bloch Leibler team was led by Corporate and M&A partners Jonathan Wenig and Jeremy Lanzer, who described the deal as a milestone transaction, overseen by a superb cross practice team that worked closely with leading US firm Skadden, Arps, Slate Meagher & Flom to achieve an incredible result for our longstanding client.

Jonathan and Jeremy were supported by partner Genevieve Sexton (Banking & Finance), senior associate Vidushee Deora (Corporate and M&A), lawyer Kaitie Boyd (Corporate and M&A), law graduate Stephanie Aitken (Corporate and M&A) and advisor David Goldberg (Corporate and M&A).

To read the article in the AFR, click here.

To read the article in the Australian, click here.

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