EDMONTON, AB, Dec. 27, 2023 /CNW/ - AutoCanada Inc. ("AutoCanada" or the "Company") (TSX: ACQ), a multi-location North American automobile dealership group, announced the investment by iA Financial Group ("iA") of $25 million for a 10% equity interest in AutoCanada's business unit that will sell finance, insurance and warranty products to buyers of private owner-sold vehicles on Kijiji's online marketplaces (the "Online C2C F&I Business"). AutoCanada has also announced the purchase of the minority 19.1% interest (the "UDLP Minority Interest") in its Used Digital Division that is owned by AutoCanada UD LP ("UDLP") from Paul Antony, the Executive Chairman of the Company, and others for $23.9 million in cash, funded from the proceeds of the iA investment, and $7.5 million in share units issuable to Paul Antony. The share units will be settled through the delivery of AutoCanada shares acquired in the market. The former UDLP Minority Interest holders have agreed to use the after-tax cash proceeds to purchase AutoCanada shares in the market.
Read more at newswire.caAUTOCANADA RECEIVES $25 MILLION INVESTMENT INTO ONLINE C2C F&I BUSINESS AND CONSOLIDATES OWNERSHIP OF ITS USED DIGITAL DIVISION
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