CAR -0.71%: We met with the CEO & CFO of carsales today (via Zoom) to talk about the acquisition they made recently in the US called Trader Interactive, they paid just above $800m for a 49% stake partially funded via an entitlement offer with an option to buy the rest. That gave us an opportunity into weakness to pick up this high quality technology stock that has had a tough Covid period, although it’s certainly coming out the other side in very good shape. The rationale they articulated for making a big play in the US is sound in MM’s view and not having met management before it provided a good insight into how they think about growth from here which is largely going to come internationally in MM’s view. Anyway, a good story, good management and we’re happy holders.
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