Nine sells off Carsales stake
NINE Entertainment Co Holdings Pty Ltd has sold its 49.1 per cent stake in website operator Carsales. com Ltd for $ 565.5 million.
The transaction is the first major asset sale for Nine’s owner, private equity firm CVC Asia Pacific, ahead of an expected float for the media group later this year that could raise as much as $ 5 billion.
Nine, the rebadged PBL Media, said yesterday it had of f l oaded its interest i n Carsales via a block trade to a broad range of investors at $ 4.92 per share. Nine held its interest in Carsales in its magazine division ACP Magazines Ltd.