Deal Nets Cox Enterprises Nearly 100% Stake In AutoTrader
Law360, New York (January 3, 2014, 4:15 PM EST) -- Cox Enterprises Inc. and Providence Equity Partners LLC said Friday they have reached a deal for Cox to acquire Providence Equity's 25 percent equity interest in AutoTrader Group Inc., in a deal that gives Cox nearly complete control over the digital automotive marketplace.
The deal gives Cox a 98 percent stake in the online car dealership, with the remaining 2 percent being held by current and former AutoTrader employees. The financial terms for the deal were not disclosed Friday.
"With more than 32 million monthly visitors to our industry-leading sites AutoTrader.com and KBB.com, AutoTrader Group continues to grow as a trusted...
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