KAR OPENLANE Inc

By Stephen Nakrosis

Shares of KAR Auction Services Inc. were trading 75% higher in Thursday's after-hours market, following news the company agreed to sell its ADESA U.S. physical auction business to Carvana Co.

KAR Auction, which does business as KAR Global, said the all-cash deal is valued at $2.2 billion.

At 5:46 p.m. ET, shares of KAR Auction were trading 75.31% higher, at $24 per share. Volume at the time was just below 1.7 million shares. The stock finished the day's regular session with a 1.03% gain, closing at $12.69.

The stock touched a 52-week high of $19.56 per share on May 24 of last year.

At 5:46 p.m. ET, shares of Carvana were trading 1.63% lower, at $124 per share. The stock finished the day's regular session up 10.91%, closing at $126.05 a share.

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

(END) Dow Jones Newswires

February 24, 2022 18:10 ET (23:10 GMT)

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