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.

LEARN HOW TO BE A SUCCESSFUL MVNO

Did you know: 1 in 10 mobile services in Australia use an MVNO, as more consumers are turning away from the big 3 providers?

The Australian mobile landscape is changing, and you can take advantage of it.

Any business can grow its brand (and revenue) by adding mobile services to their product range.

From telcos to supermarkets, see who’s found success and learn how they did it in the free report ‘Rise of the MVNOs’.

This free report shows you how to become a successful MVNO:

· Track recent MVNO market trends
· See who’s found success with mobile
· Find out the secret to how they did it
· Learn how to launch your own MVNO service

DOWNLOAD NOW!

Sam Varghese

website statistics

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.