By Stephen Nakrosis 
 

New Zealand auction and classified advertising site Trade Me Group Ltd. said Wednesday funds advised by Apax Partners have agreed to acquire 100% of Trade Me shares.

The deal, which is subject to shareholder and court approval, would see the funds buy Trade Me shares for NZ$6.45 per share. The company said this represents a 27% premium to Trade Me's one-month volume-weighted average price to November 20, 2018.

The deal has an implied equity value of NZ$2.56 billion, and an enterprise value of NZ$2.74 billion, the company said.

Trade Me Chairman David Kirk said: "The Apax Funds have increased their offer price since the indicative proposal, following the completion of their due diligence. After careful consideration, the board has unanimously concluded that this offer is consistent with our efforts to deliver maximum value for shareholders.

"We're confident Trade Me would have a successful standalone future, but we believe the certainty of the cash offer and material premium would be an attractive outcome and it merits being put to shareholders with our recommendation, in the absence of a superior proposal."

The board expects a shareholder vote on the plan will be held in April 2019, the company said.

--Write to Stephen Nakrosis at stephen.nakrosis@wsj.com

(END) Dow Jones Newswires

December 11, 2018 15:38 ET (20:38 GMT)

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