Copart, Inc. (NASDAQ: CPRT) has agreed to acquire ACV Auctions Inc. (NYSE: ACVA) for $10.50 per share in cash, valuing the digital wholesale vehicle marketplace at approximately $1.9 billion and extending the salvage auction operator into the dealer-to-dealer channel for the first time.
The $10.50 per-share price represents a premium of approximately 45% to ACV Auctions’ closing stock price on Aug. 10, the last trading day before media reports of a potential transaction, and approximately 41% to its 30-day volume-weighted average price for the period ending Sept. 9. The companies announced the definitive merger agreement Sept. 10.
“With ACV, we
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