PE-Backed Nine Entertainment Exits Carsales.com

Nine Entertainment, which is owned by buyout shop CVC Asia Pacific, has sold its stake in carsales.com for $565 million, Reuters reported. The sale was aimed at cutting debt and taking advantage of a recent rally in the shares of the Australian online car classifieds business, Reuters wrote. CVC has been considering an initial public offering for Nine Entertainment, and recently hired Credit Suisse, Goldman Sachs and UBS to advise on an IPO.

DealsNorth AmericaUSBriefs