INM takes control of CarsIreland.ie, buys remaining 50pc stake
Published 16/05/2016 | 16:03
INDEPENDENT News & Media has acquired the remaining 50pc stake in CarsIreland.ie that it did not already own.
CarsIreland.ie is the country's fasted growing cars classified business and it was launched in 2004.
The business has delivered significant growth in recent years and deals with more car dealers than any other such website in Ireland, INM said today.
The acquisition of CarsIreland.ie knits well with the group’s print and online motoring supplements, the media firm added.
The move also signals the company’s intention to be the leading print and online publisher in Ireland with CarsIreland.ie joining INM’s portfolio of print and digital titles.
Robert Pitt, chief executive at INM said: “We are very pleased to add CarsIreland.ie to INM’s portfolio of titles. There are clear synergies with INM’s existing motoring features across print and digital. CarsIreland.ie is the go-to destination for drivers looking to sell their car or buy a new vehicle and enjoys significant visitor numbers. The site’s online dominance fits well with INM’s strategy for both its online and print titles.”
The value of the transaction was not disclosed.