Eclipx sells Right2Drive for $26.5m

Vehicle fleet leasing company Eclipx Group has sold its underperforming Right2Drive business for up to $26.5 million.

The deal comprises of a fixed consideration of $19.2 million, of which $4.2 million to be paid 18 months after completion. It also includes a contingent payment of up to $7.3 million payable at six-month intervals, based on pre-agreed collection rates on the Right2Drive debtor book.

Eclipx had acquired the accident loan car provider for $67 million in 2016, but wrote down its value last year. 

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