Dealertrack Technologies to buy for about $1 billion

Thu Dec 19, 2013 6:30pm EST

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(Reuters) - U.S.-based Dealertrack Technologies Inc (TRAK.O) said it will buy automotive website from private equity firm Apax Partners in a deal valued at about $1 billion.

Dealertrack will pay London-based Apax, one of the oldest private equity firms, about $620 million in cash and 8.7 million shares of its common shares.

The deal is expected to add to Dealertrack's profit.

Dealertrack's shares, which closed at $42.80 on the Nasdaq on Thursday, were down about 3 percent in extended trading.

(Reporting by Tasim Zahid in Bangalore; Editing by Phil Berlowitz)