Intercap to increase majority stake in listed E Automotive

The deal will increase Intercap's interest in the company to 72.1 percent of issued and outstanding shares.

  • According to terms of the transaction, Intercap will acquire over 4.8 million shares in E Automotive at C$4.23 per share for C$20,363,643
  • E Automotive plans on using the proceeds of the private placement for growth and working capital
  • Last year, the company went public on the Toronto Stock Exchange

Canadian merchant bank Intercap has agreed to acquire additional common shares in E Automotive, a Toronto-based digital automobile auction platform for dealers. Intercap will acquire over 4.8 million shares in EINC at C$4.23 per share for C$20,363,643.

The deal will increase Intercap’s interest in the company to 72.1 percent of issued and outstanding shares.

E Automotive said it plans on using the proceeds of the private placement for growth and working capital. The transaction is expected to close on or about November 18, 2022.

E Automotive is focused on optimizing the online vehicle buying, selling, and management experience for automotive dealers and consumers. Last year, the company went public on the Toronto Stock Exchange, raising C$135.7 million. It trades under under the symbol “EINC”.