Online used-vehicle retailer Carvana said Thursday that it expected its planned acquisition of auction giant ADESA U.S. to close in May.
In late February, Carvana indicated its intent to buy ADESA U.S. — the No. 2 physical wholesale auction business in the nation — from KAR Global Inc. for $2.2 billion in cash.
Carvana previously said it expected to close the deal in the second quarter.
The deal, if finalized, would give Carvana exclusive use of the ADESA.com marketplace in the U.S., plus all auction sales, operations and employees at ADESA's 56 locations in the country. The transaction will also give Carvana more vehicle reconditioning capacity — something CEO Ernie Garcia has said the company wants and needs.
Shares in Carvana fell 3.4 percent to close at $101.53 on Thursday.
