Trade Me buys MotorWeb site for $19.5 M to expand auto offering

Wed, 11 Dec 2013

Dec. 12 (BusinessDesk) – Trade Me, the auction website, agreed to acquire MotorWeb for $19.5 million in cash to deepen its motor vehicle offering by adding a business forecast to lift earnings in 2014. Auckland-based MotorWeb had earnings before interest, tax, depreciation and amortisation of $3.7 million in the year ended March 31, and expects to lift earnings on the basis to $4.1 million in the current year. The purchase price is at a multiple of 5.3 times 2013 EBITDA and 4.8 times forecast 2014 earnings, Trade Me said. MotorWeb packages a...

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