1 Min Read
(Reuters) - U.S.-based Dealertrack Technologies Inc TRAK.O said it will buy automotive website Dealer.com 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