Private equity-owned Nine Entertainment has sold its stake in carsales.com for $565 million to cut debt, taking advantage of a recent rally in the shares of Australia's top online car classifieds business. The move by Nine Entertainment's private equity owner CVC Asia Pacific will not affect any decision on the timing of a float of Nine, which would be worth around $4.5 billion, a person close to CVC said. "It was an opportunity and a strong price, but it has no impact at all on the timing of a possible float," said the person, who declined to be named because the IPO plan has not been made public.
Source
