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Malaysia's iCar Asia to acquire Indonesian car marketplace Carmudi

$3m deal comes as Southeast Asia's used car business set for growth

Second hand cars for sale in Indonesia, where the market in used vehicles is set for strong growth. 

JAKARTA -- Kuala Lumpur-headquartered iCar Asia said that it had entered into a binding agreement to acquire Carmudi's business unit in Indonesia, in a move to tap into growth in Southeast Asia's online used car sales market.

The deal is expected to be completed on October 15, 2019, according to an official statement.

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