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Cox borrowing $100 million to buy VinSolutions

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AutoTrader.com, owned by Cox Enterprises, announced a deal last month to buy VinSolutions. All of the companies involved are private, but we’ve now learned that Cox will be borrowing $100 million on its current credit lines to close the deal.

 

That comes from an assessment by Moody’s Investors Service, which said the $100 million in new borrowing won’t impact the credit ratings of Cox Enterprises. Moody’s said the $100 million will fund a portion of the purchase price, but didn’t indicate what the full price tag was.

 

VinSolutions will expand Cox’s already large operations in the auto dealer services area. VinSolutions provides platforms for dealers to manage customer relations, Internet leads, inventory, websites and such things as social media and direct marketing campaigns.

 

Cox, of course, also has extensive holdings in radio, TV and newspapers.

 

Source: http://www.rbr.com/media-news/cox-borrowing-100-million-to-buy-vins...

Tags: $100, Cox, VinSolutions, borrowing, buy, million, to

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