Brazil's Santander to sell 40% of WebMotors to Carsales.com for $240 mln (updated)

Banco Santander Brasil SA

07/03/2023 22:17

(Adds details on deal, quotes from executive)
       SAO PAULO, March 7 (Reuters) - Brazilian lender
Santander Brasil SA  SANB11.SA  said on Tuesday it will sell 40%
of car-selling platform WebMotors to Australia's Carsales.com
 CAR.AX  for 1.24 billion reais  ($238.87 million).
    Carsales will hold 70% of WebMotors after the deal is
concluded, while Santander will own the remaining 30%. 
    The lender will continue as a partner of the platform in
providing credit, insurance and other financial solutions to its
users. 
    The deal will help Santander to "further expand the volume
of car financing carried out by the platform", the bank's chief
financial officer Angel Santodomingo, said in a statement. 
        The deal will be accompanied by a capital increase of
A$500 million ($329 million) in Carsales, Santander said. 
    
 ($1 = 5.1910 reais)
($1 = 1.5188 Australian dollars)

 (Reporting by Fabricio de Castro; Writing by Peter Frontini;
Editing by Isabel Woodford)
 ((Peter.Siqueira@thomsonreuters.com; +55 11 56447727;))