The Online Investor

Slideshow Mergers & Acquisitions

By The Online Investor Staff, updated Sun., Jan. 29, 4:59 PM

Slide #9. E Automotive Inc. Houston Auto Auction, Inc.

Acquirer: E Automotive Inc. (EINC.CA)
Acquiree: Houston Auto Auction, Inc.
Details: E Automotive Inc. d/b/aE INC(TSX:EINC) (the "Company" or "E INC") and its sub-brand EBlock, today announced that it has entered into a definitive agreement to acquire Houston Auto Auction, Inc. ("Houston Auto Auction"), aHouston-based independent auction marketplace that specializes in commercial sales. Houston Auto Auction transacted approximately 6,500 vehicles in 2022. E INC is acquiring Houston Auto Auction for total cash consideration ofUS$5.5 million, withUS$2.5 millionpayable on closing and the remaining payments split equally on the first and second anniversaries of closing. The acquisition is expected to close byFebruary 1, 2023, subject to customary closing conditions.

  E Automotive Inc.: EINC.CA
  Houston Auto Auction, Inc.: PRIVATE
 

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