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.