Eclipx sells Right2Drive for $26.5m

AAP
Eclipx Group will sell its troubled Right2Drive business.
Camera IconEclipx Group will sell its troubled Right2Drive business.

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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