Copart Completes Acquisition of ACV
Key Highlights
- ➤Copart completed ACV acquisition at $10.50 per share in cash.
- ➤116,818,409 ACV shares tendered, representing approximately 68.43% of outstanding shares.
- ➤ACV shares ceased trading on the New York Stock Exchange.
- ➤ACV will operate as Copart’s independent subsidiary under existing leadership.
Expert Statements
Jay Adair, Chief Executive Officer of Copart
“We are pleased to complete the acquisition of ACV, which is an important milestone for Copart as we continue to deliver on our growth strategy.”
Jay Adair, Chief Executive Officer of Copart
“With ACV now part of the Copart family, we have established an industry-leading, fully complete remarketing platform spanning dealer trade-ins, wholesale remarketing, salvage disposition, and international scale. Together we bring stronger capabilities, great efficiency, and an expansive footprint, and we’re excited about what we will be able to deliver for our customers moving forward.”
George Chamoun, CEO of ACV
“ACV’s mission is not complete and we will continue to revolutionize the used vehicle sector.”
George Chamoun, CEO of ACV
“Joining with Copart amplifies this mission, supercharging our growth, pace of innovation and global reach. By combining forces and tapping into Copart's massive national physical presence alongside a global buyer-seller network—we will unlock unprecedented value for our commercial and dealership partners, ensuring every vehicle finds its ideal buyer. I want to extend my heartfelt thanks to our exceptional ACV team and we are thrilled to embark on this next chapter with the Copart team.”
Copart, Inc. (NASDAQ: CPRT) (“Copart”), a global leader in online vehicle auctions, today announced the successful completion of its acquisition of ACV Auctions Inc. (NYSE: ACVA) (“ACV”).
“We are pleased to complete the acquisition of ACV, which is an important milestone for Copart as we continue to deliver on our growth strategy,” said Jay Adair, Chief Executive Officer of Copart. “With ACV now part of the Copart family, we have established an industry-leading, fully complete remarketing platform spanning dealer trade-ins, wholesale remarketing, salvage disposition, and international scale. Together we bring stronger capabilities, great efficiency, and an expansive footprint, and we’re excited about what we will be able to deliver for our customers moving forward.”
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