CarMax Acquires Full Ownership of Online Car Shopping Guide Edmunds
RICHMOND, Va. – After purchasing a minority stake in the company in early 2020, CarMax said Thursday it will acquire the remaining shares of Edmunds.
The retailer invested $50 million in the online car shopping guide in January 2020, acquiring a minority stake.
The deal for CarMax to acquire full ownership of Edmunds is expected to close in June, with a “purchase price that implies an enterprise value of $404 million, inclusive of CarMax’s initial investment, which we expect to be paid in a combination of cash and stock,” the retailer said in a news release.
“We are excited to bring the iconic Edmunds brand, history of innovation, and exceptional technology and creative talent into the CarMax family,” CarMax president and chief executive officer Bill Nash said in the release.
