TRUE - TrueCar closes $135M sale of ALG unit to J.D. Power

TrueCar (TRUE -1%) has closed the sale of its ALG subsidiary to J.D. Power, for $135M. The transaction includes upfront cash of $112.5M received at closing, and deferred payments of up to $22.5M contingent on financial results. That gives a boost to TrueCar's balance sheet, which now has more than $270M of cash against no outstanding debt. So TrueCar will use proceeds to support an ongoing share repurchase program of up to $75M, and "to maintain strategic flexibility."

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TrueCar closes $135M sale of ALG unit to J.D. Power