Malaysia-based automotive marketplace iCar Asia has announced that it will be acquiring Thailand’s leading vehicle classified site, One2Car, for $14.4 million. The deal includes $11.6 million of cash component while the rest ($2.8 million) will be paid by iCar Asia equity.
The deal will add 1.2 million visitors (per month) and about 1800 new car dealers to the iCar Asia’s user base. It is estimated that more than 80% of all car buyer leads to car dealers in Greater Bangkok originate at One2Car.com.
According to a statement released by the company, iCar, which is listed in Australia, has completed an institutional placement to raise approximately $21 million at price of $1.10 per new share, to fund this deal.
iCar plans to combine One2car.com with its ThaiCar.com, a automotive-related Thailand-based website, which was acquired by the company in 2013.
According to iCar’s CEO Damon Rielly said that the acquisition of One2Car together with the company’s other existing assets in Thailand, (Autospinn.com and ThaiCar.com) has made iCar one the strongest players in the market.”
According to an official statement by the company, the acquisition is expected to be completed by mid-December 2014. With this, One2Car.com will become iCar’s sixth brand, across three ASEAN countries. The company has Carlist and LiveLifeDrive in Malaysia, ThaiCar.com and Autospinn in Thailand, and Mobil123 in Indonesia.