Home Deals Telstra completes divestment of Autohome stake

Telstra completes divestment of Autohome stake

Telstra has sold its remaining 6.5% stake in the Chinese car website Autohome to Ping An Insurance Group for US$217 million (A$282 million).

The telco said in a statement that following the sale, its nominee director to the Autohome board had resigned.

It said the divestment reflected the fact that Ping An was a suitable pick as a strategic partner for Autohome.

The sale price of US$29.30 per share was in line with Autohome’s volume weighted average price over the past 60 days.

Autohome recently traded at its highest levels in the past 12 months, the statement added.

Last June, Telstra sold a 47.4% stake in Autohome to Ping An for $2.1 billion.

In 2008, Telstra picked up 55% of Autohome’s parent company for $76 million.


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Sam Varghese

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A professional journalist with decades of experience, Sam for nine years used DOS and then Windows, which led him to start experimenting with GNU/Linux in 1998. Since then he has written widely about the use of both free and open source software, and the people behind the code. His personal blog is titled Irregular Expression.