INM takes full control of CarsIreland.ie

Independent News & Media plc (INM) has acquired the remaining 50 per cent of car sales website, CarsIreland.ie and now fully owns the business. The value of the transaction has not been disclosed.

CarsIreland.ie was launched in 2004 and, according to INM, has almost 1,000 car dealers advertising 40,000 used, new and classic cars for sale on the platform each month.

The other 50 per cent stake had been held by Michael Hinds and Michael Dillon, according to company accounts for Digital Odyssey Ltd.

INM first took a 33 per cent stake in the company for €150,000 in 2011, then it later paid a further €150,000 to bring its stake up to 50 per cent.

"We are very pleased to add CarsIreland.ie to INM's portfolio of titles. There are clear synergies with INM's existing motoring features across print and digital," said INM chief executive Robert Pitt.

The media group has signalled that it is on the hunt for acquisitions as it seeks to grow its digital revenues. INM collected €12.5 million in digital advertising revenue in 2015, out of a total turnover of €321 million for the year.