Arnold Bloch Leibler (ABL) has advised an Australian company in acquiring South Korea’s leading online automotive classifieds business.
The top firm advised long-standing client Carsales.com as it acquired the 50.1% stake in SKEncar.com it didn’t already own. The deal was worth 205bn Korean Republic Won, or about $244mn. Carsales.com acquired its 49.9% stake in SKEncar.com in 2014.
Jonathan Wenig, corporate and M&A partner, led the ABL team. He was supported by senior associate Scott Phillips and lawyer Vidushee Deora.
“Our team has assisted carsales on a range of strategic international transactions over a number of years,” Wenig said.
Carsales.com has interests in automotive classifieds businesses in Argentina, Brazil, Chile, Indonesia, Malaysia, Mexico, and Thailand. The acquisition is a significant milestone in the company’s long-term strategy to lead the online automotive classifieds space, said CEO Cameron McIntyre.
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