Openlane To Acquire Manheim Canada Business From Cox Automotive

(RTTNews) - Openlane, Inc. (KAR) Monday said it has agreed to acquire the Manheim Canada business from Cox Automotive.

The proposed acquisition advances Openlane's digital strategy by adding Manheim Canada inventory, buyers, sellers and corresponding data to the Openlane Canada digital marketplace launched earlier this year.

Valued at C$130 million or about $95 million, the transaction includes the Manheim Montreal facility and auction sales, operations and select staff across Manheim Canada, which intends to exit Canada.

Under the deal, Openlane will assume Manheim Canada's customer relationships. After the transaction closes, Openlane will integrate the Manheim Canada business into the existing Openlane Canada business, combining all inventory within the Openlane digital marketplace.