Malaysian automotive marketplace iCar Asia Ltd. said Sept. 19 that it agreed to acquire Carmudi Indonesia for US$3 million to help it expand its used car business.
iCar said it will pay Carmudi US$2 million on completion and US$1 million on Oct. 15, 2020.
Carmudi, which also offers an online vehicle marketplace, has monthly website traffic of about 2 million, while iCar has almost 6 million visits per month across its network of websites in Malaysia, Indonesia and Thailand.
Carmudi also operates five physical car dealerships under the Carsentros brand in the Indonesian cities of Semarang, Solo, Surabaya and Yogyakarta.
The deal is expected to close by Oct. 15, subject to the finalization of documents.
