Arnold Bloch Leibler and Skadden, Arps, Slate, Meagher & Flom advised ASX-listed online automotive classifieds business Carsales.com on the transaction.
Carsales.com (CAR) has agreed to acquire a 49-per-cent stake in Trader Interactive, for US$624 million, or approximately A$797 million.
The acquisition price will be funded by a combination of debt and equity. carsales announced the launch of approximately A$600 million fully underwritten pro-rata accelerated renounceable entitlement offer (with retail rights trading) to fund the Acquisition (the “Entitlement Offer”). The remaining A$222 million will be funded via an extension of existing debt facilities from existing lenders.
The acquisition represents a strategically compelling opportunity for carsales to further build out its international scale and industry diversification in the United States.
Founded in 1997, carsales.com Ltd is the number one online automotive classifieds business in Australia with a growing global presence in Asia and Latin America.
Trader Interactive is the leading provider of digital offerings including online advertising and marketing services products serving the powersports, recreational vehicle, commercial truck and equipment segments.
The ABL team was led by Corporate and M&A partner Jonathan Wenig (Picture) and supported by senior associate Vidushee Deora, lawyer Anna Sandiford, and law graduate Kaitie Boyd. Corporate partner Jeremy Lanzer ran the equity capital markets component of the transaction, and Banking and Finance partner, Genevieve Sexton led the debt finance component.
The Skadden team included Corporate partners Amr Razzak and Adrian Deitz, and associates Rachel Frankeny, Cynthia Lam, Georgina Lathouris, Ataefiok Etukeren, and Paul Bolaji; Executive Compensation and Benefits partner Joseph Yaffe and associate Allison Kroeker; Tax partner Nathan Giesselman; Labor and Employment Law counsel Annie Villanueva; Intellectual Property and Technology counsel Oren Epstein; and Antitrust/Competition counsel Thorsten Goetz.
Involved fees earner: Vidushee Deora – Arnold Bloch Leibler; Jeremy Lanzer – Arnold Bloch Leibler; Anna Sandiford – Arnold Bloch Leibler; Genevieve Sexton – Arnold Bloch Leibler; Jonathan Wenig – Arnold Bloch Leibler; Paul Bolaji – Simpson Thacher & Bartlett; Adrian Deitz – Skadden Arps Slate Meager & Flom; Oren Epstein – Skadden Arps Slate Meager & Flom; Ataefiok Etukeren – Skadden Arps Slate Meager & Flom; Rachel Frankeny – Skadden Arps Slate Meager & Flom; Nathan Giesselman – Skadden Arps Slate Meager & Flom; Thorsten Goetz – Skadden Arps Slate Meager & Flom; Allison Kroeker – Skadden Arps Slate Meager & Flom; Ho Yee Cynthia Lam – Skadden Arps Slate Meager & Flom; Georgia Lathouris – Skadden Arps Slate Meager & Flom; Amr Razzak – Skadden Arps Slate Meager & Flom; Annie Villanueva – Skadden Arps Slate Meager & Flom; Joseph Yaffe – Skadden Arps Slate Meager & Flom;
Clients: carsales.com Limited;