The owner of The Guardian has collected a £600 million-plus windfall from selling its 50.1 per cent stake in car classifieds brand Auto Trader to private equity firm Apax Partners.
Guardian Media Group’s long-rumoured sale of Auto Trader’s parent company, Trader Media Group, should guarantee the future of the loss-making flagship paper in the next decade.
Those close to GMG said the cash would transform its balance sheet and continues a pattern of selling assets including the Manchester Evening News and Smooth Radio.
Apax bought 49.9 per cent of Trader for £675 million in 2007.
Today’s sale is said to be in the range of £600 million to £700 million.