December 10, 2020
Cadwalader provided tax advice to CarOffer, LLC, an automated instant vehicle trade platform, on its sale of a majority stake to CarGurus, Inc. (NASDAQ: CARG), a leading global online automotive marketplace, at an enterprise valuation of $275 million, with the ability to buy the remaining equity interest over the next three years. Following the transaction, CarOffer will continue to operate independently under its current leadership. The transaction is expected to close in January 2021.
This representation further bolsters Cadwalader’s position as a market leader in the automotive data and software sector, and continues the firm’s track record of advising on many of the most significant transactions in the sector, including advising Dealer Car Search in its sale to LeadVenture, ELEAD1ONE in its sale to CDK Global, fusionZONE Automotive in a major growth investment by Primus Capital, and Dealer Product Services in its merger with OneCommand, Peak Performance and TimeHighway.com to form Affinitiv, Inc.
The Cadwalader team included Corporate partner Daniel Raglan and Tax partner Jason Schwartz and associate Matthew Seitz.
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