Transaction Capital to Acquire WeBuyCars Stake for $109 Million

Transaction Capital Ltd. agreed to acquire 49.9% of South African used-car dealer WeBuyCars for as much as 1.84 billion rand ($109 million) to diversify into a new source of income.

The Johannesburg-based firm already owns SA Taxi -- a business that finances and sells minibuses, the main form of transport in the country -- as well as a risk-services business that buys non-performing loans and then collects the soured debt.

Buying WeBuyCars gives Transaction Capital access to a 20-year-old network of dealers that are able to meet sellers at their homes, inspect their cars and arrange payment almost immediately after ...