TrueCar Closes Sale of ALG Subsidiary to J.D. Power
2020年11月30日 - 11:00PM
TrueCar, Inc. (NASDAQ: TRUE), the most efficient and transparent
online destination to find a car, announced today that it closed
the previously announced sale of its ALG subsidiary to J.D. Power.
The total consideration of $135 million includes an upfront cash
payment of $112.5 million received at closing, and total deferred
payments of up to $22.5 million based on certain financial results.
This transaction enriches TrueCar’s cash balance, which as of today
exceeds $270 million. The company has no outstanding debt on its
balance sheet.
TrueCar will use proceeds from the ALG divestiture to support
its share repurchase program of up to $75 million, which is already
underway, and to maintain strategic flexibility.
“We are very pleased to reach today’s milestone, which
reinforces our commitment to creating shareholder value. With over
$270 million of cash on the balance sheet and no outstanding debt,
we are in a strong financial position to accelerate toward our
vision of building the most flexible and convenient digital car
buying marketplace,” said Mike Darrow, President & CEO of
TrueCar.
Goldman Sachs & Co. LLC. served as exclusive financial
advisor to TrueCar in connection with the transaction and Cooley
LLP served as legal counsel.
About TrueCar
TrueCar is a leading automotive digital marketplace that enables
car buyers to connect to our nationwide network of Certified
Dealers. We are building the industry's most personalized and
efficient car buying experience as we seek to bring more of the
purchasing process online. Consumers who visit our marketplace will
find a suite of vehicle discovery tools, price ratings and market
context on new and used cars – all with a clear view of what's a
great deal. When they are ready, TrueCar will enable them to
connect with a local Certified Dealer who shares in our belief that
truth, transparency and fairness are the foundation of a great car
buying experience. As part of our marketplace, TrueCar powers
car-buying programs for over 250 leading brands, including AARP,
Sam’s Club, and American Express. Nearly half of all new-car buyers
engage with TrueCar powered sites, where they buy smarter and drive
happier. TrueCar is headquartered in Santa Monica, California, with
offices in Austin, Texas and Boston, Massachusetts.
For more information, please visit www.truecar.com, and follow
us on Facebook or Twitter. TrueCar media line: +1-844-469-8442 (US
toll-free) Email: pr@truecar.com
TrueCar Contacts:
Danny Vivier
Vice President, Investor Relations & Strategic Finance
investors@truecar.com
(760) 505-9654
Shadee Malekafzali
Senior Director, Public Relations
shadee@truecar.com
(925) 408-0394
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