Digital Wholesale Auction Platform to Anchor Company’s European Operations and Expansion
FOR IMMEDIATE RELEASE
Carmel, IN – November 28, 2018 – KAR Auction Services, Inc. (NYSE: KAR), a global automotive remarketing and technology services company, announced it has reached a definitive agreement to acquire Belgium-based CarsOnTheWeb (COTW). The potential transaction is valued at approximately 91 million euros in cash and up to an additional 65 million euros over a specified period of time contingent on certain terms, conditions and COTW performance. The companies expect to close the transaction the first quarter of 2019 subject to certain required regulatory approvals.
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