Carsales.com raises $ 1.2 million to clean up Trader Interactive

The $ 809 million ($ 1.170 billion) acquisition comes just 13 months after Carsales signed a deal to buy a 49 percent initial stake for $ 624 million ($ 797 million).

It funded this deal with a rights issue of one for $ 6.99 from $ 600 million to $ 17 per share and debt.

Shares of Carsales were last listed at $ 20.76. The group had $ 643.2 million in loans as of December 31 and a net debt of $ 554.8 million.

Analysts expected Carsales to report $ 254.2 million in EBITDA during the year through June 30.

The latest rise has been structured as a 4.16 non-waiver of rights offer, accelerated for institutional investors.

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