Bitauto Announces Strategic Investment from AutoTrader Group
Bitauto Holdings Limited (NYSE: BITA) today announced that certain existing pre-IPO shareholders of the Company entered into definitive agreements with AutoTrader Group (NASDAQ: ATG) operator of the largest digital automotive marketplace in the United States.
Pursuant to these agreements, AutoTrader Group has agreed to purchase 9 million ordinary shares, representing an approximately 21.8% stake in the Company, from the selling shareholders for a total purchase price of US$58.5 million in a private transaction. Concurrently with AutoTrader Group's signing of the definitive agreements, Bitauto's senior management team, namely, Mr. William Bin Li, chairman and chief executive officer, Mr. Jingning Shao, president, Mr. Andy Xuan Zhang, chief financial officer, and Mr. Weihai Qu, senior vice president, also entered into definitive agreements with a pre-IPO shareholder of the Company pursuant to which they agreed to purchase an approximately 2.4% stake in the Company from the selling shareholder for a total purchase price of US$6.5 million. The senior