Atlanta-based AutoTrader.com announced that it will acquire Kelley Blue Book, one of the most popular sources for automotive information.
Financial terms of the deal were not released, but news reports cited by AJC.com placed the value of KBB at more than $500 million.
AutoTrader's purchase also includes KBB sister companies CDMdata and CDM Dealer Services.
Kelley Blue Book will continue to be headquartered in Irvine, Calif., and operate as a subsidiary of AutoTrader.
The deal is expected to close by the end of the year.
"AutoTrader.com is excited about becoming the new owner of Kelley Blue Book because we believe the company has a great future," said AutoTrader.com President and CEO Chip Perry in a news release. "Kelley Blue Book has a wonderful history as an iconic brand and trusted provider of vehicle information to generations of car buyers and sellers, and as we look into the future we believe together we can bring a host of new technologies and tools to market that will significantly improve the car shopping process for consumers, and help auto dealers and manufacturers better capitalize on the fundamental efficiency advantages of the Internet."
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