Patrick Grove, CEO of Catcha Group, stands for a photograph at the company's office in Kuala Lumpur, ... [+] Malaysia, on September 5, 2016. Charles Pertwee/BloombergMalaysia-based used car platform Carsome Group said Tuesday it has partnered with Catcha Group—controlled by tycoon Patrick Grove—to take Australian-listed rival iCar Asia private in a deal valued at $200 million. Under the proposed deal, Carsome will buy 19.9% of iCar Asia from Catcha in a share swap that will make Catcha a shareholder of Carsome. The transaction also cements Carsome’s position as Southeast Asia’s most valuable digital automotive marketplace and Malaysia’s first tech unicorn, the company said. Grove, 46, has interests in digital businesses through privately held Catcha Group and Australia-listed Frontier Digital Ventures.

Source: Forbes July 13, 2021 07:52 UTC