British private equity firm Apax Partners LLP said it will sell Trader Corp, a Canadian provider of advertising for automotive dealers, to U.S. peer Thoma Bravo for about $1.57 billion (US$1.22 billion).
Trader Corp offers digital advertising tools to automotive dealers and also runs online car marketplaces, including autoTRADER.ca, which generate 13 million visits each month, the company on Friday.
The deal is expected to close in the fourth quarter.
Apax acquired Etobicoke, Ontario-based Trader in 2011 from media and marketing company Yellow Media Inc for $745 million.
Reuters, citing people familiar with the matter, reported in June that Apax was exploring a sale of Trader Corp.
Trader Corp and Apax were advised by Goldman Sachs & Co, JP Morgan and Royal Bank of Canada. Simpson Thacher & Bartlett was the legal adviser and PricewaterhouseCoopers the financial adviser.
(Reporting by Vishaka George in Bengaluru; Editing by Sriraj Kalluvila)
(This story has been edited by Kirk Falconer, editor of PE Hub Canada)
Photo courtesy to Trader Corp