carsales.com Ltd → Webmotors S.A. (Brazil, additional 40% stake)
completedcarsales.com agreed to acquire a further 40% stake in Brazilian automotive marketplace Webmotors from Santander Corretora for BRL1.24 billion (~A$353 million), taking its total holding to 70% (Santander retaining 30%). Completed 28 April 2023.
carsales wanted majority control of Webmotors, Brazil's largest online automotive marketplace, to consolidate its international growth strategy in a large emerging market.
Santander Corretora sold down to a 30% minority position, monetising part of its stake while remaining invested in the platform's continued growth.
Not specifically detailed in available coverage; carsales also ran an equity raising alongside the acquisition.
Deal mechanics
Cash acquisition of 40% stake, funded partly via an entitlement offer/equity raising