Nine sells off Carsales stake

Townsville Bulletin - - Investor -

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.

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