Cars.com Acquires D2C Media for $76M With EarnOut Option of up to $25M

Author: Benzinga Newsdesk | November 02, 2023 07:29am

 Cars.com Inc. (NYSE:CARS) (d/b/a "Cars Commerce" or the "Company"), an audience-driven technology company empowering the automotive industry, today announced the acquisition of D2C Media Inc. ("D2C"), a leading automotive technology and digital solutions provider in Canada. The Company paid CAD $105 million in cash (USD $76 million) at closing, which was funded by a combination of cash on hand and borrowings under the Company's existing revolving credit facility. There is also the potential for additional performance-based consideration of up to CAD $35 million (approximately USD $25 million as of the closing date) based on achievement of certain financial thresholds. The transaction closed on November 1, 2023.

Posted In: CARS