Patrick Grove’s Catcha Group will sell its ASX-listed iCar Asia to Malaysian used car platform Carsome in a deal worth $200 million, topping last year’s approach by Chinese company Autohome.
Carsome will initially acquire a 19.9 per cent stake in iCar Asia, an online car classifieds business, and has made a proposal with Catcha Grove to acquire the rest of the company at about 55¢ a share.
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Jessica Sier is the North Asia Correspondent for The Australian Financial Review. She is based in Tokyo, Japan. Jessica has previously written on technology, global capital markets and economics. Connect with Jessica on Twitter. Email Jessica at jessica.sier@afr.com
