KAR Reaches Deal to Expand in Europe

By Staff Writer November 28, 2018

KAR Auction Services Inc. 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 in the first quarter of 2019 subject to certain required regulatory approvals.

COTW is an online auction company serving the wholesale vehicle sector in Continental Europe that connects OEMs, fleet owners, wholesalers and dealers.

Last modified on Wednesday, 28 November 2018 21:17