carsales.com spending $244m for remainder of South Korea’s Encar.com

carsales.com and South Korea’s SK Holdings have announced carsales will purchase the remaining 50.1% of South Korea’s Encar.com, giving carsales 100% control and ownership of South Korea’s number one online auto classifieds business.

carsales will acquire the remaining shares in Encar.com for consideration of KRW205 billion (A$244m) prior to adjusting for movements in working capital.

carsales CEO Cameron McIntyre said: “This acquisition is a significant milestone in carsales’ long-term strategy to be the global leader in online auto classifieds. Encar.com has been one of our strongest performing overseas businesses and has continually delivered good revenue and earnings growth."

carsales purchased 49.9% of Encar.com in April 2014 and since then has seen the business grow significantly. “Our increased investment is testament to our confidence in the strength of the South Korean market and the long-term growth potential of Encar.com,” added McIntyre. “carsales and Encar.com will enjoy the benefits of a continued strategic partnership with the SK Group.”