Eclipx Group Ltd’s share price shot up on July 5 after a major announcement.
The sale of both Eclipx’s GraysOnline and AreYouSelling businesses to Quadrant Private Equity for $60 million was announced, making Eclipx’s share price soar by 28% to $1.64.
Eclipx will also be continuing to benefit from Grays Auto as one of its channels for the disposal of end of lease vehicles.
The transaction is expected to be completed by July 31.
“The management team is intensely focused on progressing our simplification strategy. The sale of both Grays and AreYouSelling is an important early step,” Eclipx chief executive Julian Russell says.
“The sale contributes to the key objectives of our plan, materially reducing both group complexity and corporate debt. We are also seeing progress on the other non-core and sub-scale businesses.”
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