Carsales.com.au (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 carsales.com.au (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.

For free daily advice on ASX IT shares including Carsales.com.au click here.

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