Cox Automotive To Buy Dealertrack Tech In $4 Bln Deal - Quick Facts

(RTTNews) - Cox Automotive Inc., a provider of digital marketing, wholesale and e-commerce solutions across the automotive industry, agreed to acquire Dealertrack Technologies, Inc. (TRAK), in an all-cash transaction valued at $4 billion, or $63.25 per share, the companies said on Monday.

Dealertrack Board has unanimously approved the acquisition and recommends that Dealertrack stockholders tender their shares in favor of the transaction.

The acquisition is subject to a minimum tender of at least a majority of the outstanding Dealertrack common shares and customary closing conditions, and is expected to close in the third quarter of 2015.

The transaction is fully financed and is not subject to a financing condition. The acquisition will be funded through an existing bank facility, a new $1.85 billion bank term loan arranged by Citigroup Global Markets Inc. and a $750 million common equity investment from BDT Capital Partners.