KAR finalises COTW takeover
KAR Auction Services, the U.S.-based global remarketing player, has finalised its takeover of CarsOnTheWeb (COTW), the Europe-wide online vehicle auction specialist based in Belgium. With the acquisition of COTW, KAR improves its strategic position and expands its geographic coverage, which until now comprised North America and the United Kingdom, to include continental Europe.
COTW will operate as a KAR subsidiary, with the maintenance of its current locations, staff, executives and managers. The value of the transaction is in the neighbourhood of €91 million in up front plus €65 million extra over a predetermined period, dependent on COTW performance and other conditions.