Shares of Dealertrack, which makes software for the automotive retail industry, were trading at $62.20 before the bell on Monday.
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Privately held Cox, the automotive arm of media company Cox Enterprises, said it would fund the acquisition through a new $1.85 billion loan arranged by Citigroup Global Markets, a $750 million equity investment from BDT Capital Partners and existing credit facility.
BDT & Co and Citigroup Global Markets are financial advisers to Cox Automotive while Evercore was advising Lake Success, New York-based Dealertrack.
(Reporting by Anya George Tharakan and Abhirup Roy in Bengaluru; Editing by Joyjeet Das)
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