Cox Enterprises, Providence Equity Partners Complete Transaction
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ATLANTA — Cox Enterprises on Tuesday offered an update about the transaction concerning its AutoTrader.com subsidiary with Providence Equity Partners, a global private equity firm.
The agreement under which Providence took ownership of a 25-percent equity interest in AutoTrader.com now has been completed, according to executives. They stressed that the deal first announced on May 5 provides Cox with access to additional investment capital and expertise to accelerate AutoTrader.com's growth
Cox reiterated that it maintains majority ownership and day-to-day operating control of AutoTrader.com. As part of the transaction, Providence gains two seats on AutoTrader.com's board of directors.
Goldman, Sachs & Co. advised Cox in this transaction.
