Vehicle listing business carsales.com, which runs Australia’s largest online marketplace for cars, motorbikes and boats, is seeking to raise $1.2 billion from shareholders to fully acquire US listings business Trader Interactive.

Carsales, which took a 49 per cent stake in Trader Interactive last year, will acquire the remaining 51 per cent of the US company it does not already own for about $1.17 billion.

Chief executive Cameron McIntyre said he expected the takeover to generate “attractive financial returns for shareholders”.

“During the course of the last 12 months we have become even more excited about the value of the Trader Interactive business and its growth potential,” McIntyre said.

“Culturally, there is strong alignment between the carsales and Trader Interactive teams and we are looking forward to working more closely together to unlock the significant potential in the business.”

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Carsales is looking to raise $1.2 billion by issuing 68 billion new shares at $17.75, a 14.5 per cent discount from Friday’s closing price of $20.76.

Trader Interactive hosts branded online marketplaces and offers digital marketing services primarily for trucks and recreational vehicles (RVs) in the US. The company had an adjusted revenue of $US125 million ($181 million) in the 2021 financial year.

Trader Interactive boss Lori Stacy said the company was “thrilled” to join the Carsales group.