ASX IT Shares News (CRZ) ASX (CRZ) is Australia’s largest online automotive, motorcycle and marine classifieds business.

The company listed on the Australian share market in 2009.

Privately owned Nine Network has sold its 49% stake in (CRZ).  Also CRZ announced the resignation of its non-executive directors.

The block trade was sold to a range of institutional and sophisticated investors at $4.92 per share.

Nine’s private equity owners, CVC Asia Pacific, said the sale proceeds would be used to cut $585 million in debt in order to prevent the need for an IPO of Nine.

CRZ slumped 4.6% on the day, making it one of the worst performers in the share market.

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