KAR OPENLANE Inc

By Stephen Nakrosis

Shares of KAR Auction Services Inc. touched a 52-week high on the New York Stock Exchange Friday, a day after the company said it would 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 11:10 a.m., shares of KAR Auction were trading 38.75% higher, at $18.99 each. Volume at the time topped 10.6 million shares, above the stock's 65-day average volume of some 2.2 million shares.

Earlier Friday, the stock reached a 52-week high of $22.10 per share.

At 11:12 a.m. ET, shares of Carvana were up 8.37%, trading at $136.60 each.

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

(END) Dow Jones Newswires

February 25, 2022 11:31 ET (16:31 GMT)

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