CarTrade acquire Sobek Auto India from OLX India

CarTrade stock Jump almost 14% because they acquire Sobek Auto India from OLX India. Sobek is a company incorporated under the Companies Act, 2013. It is engaged in the business of running an automotive digital platform and a classifieds internet business.

CarTrade Tech Limited has entered into a share purchase agreement with Sobek Auto India Private Limited, and its holding company OLX India B.V. for acquisition of 100% stake of Sobek from OLX India B.V. subject to completion of certain conditions and on the terms and conditions agreed between the parties in the share purchase agreement.

The acquisition is in furtherance of the strategic objectives of the Company to undertake investments which provide synergistic benefits to the existing businesses of the CarTrade Tech.

The acquisition of Sobek will be for a consideration of INR 5,374,343,031/- to be paid on the completion date of the acquisition.