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Telstra to sell 47.7% stake in Chinese online business Autohome for $1.6bn
Announced Date: 4/15/2016 Published Date: 4/26/2016

Telstra announced it had entered into an agreement with Ping An Insurance Group for the sale of 47.7% of total issued shares in Chinese online business Autohome for $1.6 billion (A$2.1 billion).

Telstra will retain a 6.5% interest in Autohome after completing the transaction.

The sale price of $29.55 per share reflects a premium of 12.7% to Autohome’s volume weighted average price over the past 60 days.

Telstra expects to book an accounting gain on completion of the sale of approximately A$1.8 billion in the second half of FY16.