Nine Entertainment’s equity owner CVC Asia Pacific sells its stake in online car seller.Nine subsidiary, ACP Magazines have just announced the sale of 49.1 per cent share in the car dealer by equity owner CVC, to a “broad range of sophisticated and institutional investors at $4.92 a share”, ACP Director Patrick O’Sullivan it said this morning in a statement.
The deal said to be worth $565 million could affect the timing of Nine’s $5bn IPO.
Strong results from the online car dealer coupled with solid price performance were the driving factors in the sale, according to reports.
Shares in the company have spiked more than 50 per cent since 2009.
Nine chief David Gyngell and CVC’s Adrian MacKenzie as well as Graham Brooke have resigned from the board.
The sale was carried out by UBS AG, Australia.