KAR Auction Shares Rise 75%, Selling Physical Auction Business to Carvana
February 24 2022 - 6:25PM
Dow Jones News
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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