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Here’s Why The Eclipx (ASX:ECX) Share Price Rose Over 20% Today

The Eclipx Group Ltd (ASX:ECX) share price rose 20.6% today after making an announcement. 
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Jaz Harrison

Jaz is a Staff Writer for Rask. She is a keen investor who loves to thoroughly poke holes in an investment idea before it has a chance of making it into her portfolio. Jaz invests for the long-term and doesn't sweat the small stuff. She strongly believes that empowering people with knowledge is the best way for them to take charge of their finances, which is exactly the approach she takes with her own money and investments.
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The Eclipx Group Ltd (ASX: ECX) share price rose 20.6% today after making an announcement.

Eclipx is one of Australia’s largest providers of fleet, equipment leasing & management, vehicle rentals and online auction services to businesses and consumers in Australia and New Zealand. At 31 March 2019 it managed or financed 117,669 vehicles with $2.5 billion of assets under management (AUM).

Eclipx’s Exciting News

Eclipix announced that it is selling both GraysOnline and AreYouSelling to Quadrant Private Equity for $60 million, representing an EV/EBITDA valuation of 7.5x using the 12-month EBITDA (click here to learn what EBITDA means) to March 2019.

The transaction includes a distribution arrangement allowing Eclipx to continue to benefit from using Grays Auto as one of its channels for disposing end of lease vehicles.

The transaction is expected to complete by the end of July 2019 and the funds will be used to reduce Eclipx debt, but will result in an accounting loss of $100 million.

The company also announced that it has appointed Jason Muhs as acting Chief Financial Officer.

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