iProperty Group today announced that it has agreed to sell its Indonesia cars portal, mobil123.com, to iCar Asia Pte Ltd, a wholly owned subsidiary of iCar Asia Ltd and part of the Catcha Group.
“We are focused on continuing to develop rumah123.com as the clear market leader in Indonesia and the sale of mobil123.com to iCar Asia Pte Ltd further enhances our focus on that goal. At the same time mobil123.com will get the clear focus it deserves and be part of a larger entity in the autos vertical space. It is a good outcome for all concerned,” said Shaun Di Gregorio, CEO, iProperty Group.
iProperty Group and iCar Asia Pte Ltd will work cooperatively at an operational level to ensure the smooth transition of the business and its continued success. It is envisaged that both parties will engage in cooperative promotion and marketing of the brands and sharing of key resources including tenancy.
The sale price for the assets and business of mobil123.com is a maximum amount of AUD3mill, of which either AUD2.1mill in cash would be paid by instalments over five years following completion of the sale, or in the event of a liquidity event with respect to the purchaser of the assets and business occurring within five years of completion, AUD1mill in cash plus an equity interest in the purchaser of the equivalent of AUD2mill.
mobil123.com was acquired by iProperty Group as part of the purchase of PT Web Marketing, owner and operator of rumah123.com, Indonesia’s leading property portal.
