TrueCar (NASDAQ:TRUE) announced Tuesday that its stockholders have overwhelmingly approved the company’s acquisition by Fair Holdings at a special meeting.
The all-cash transaction, led by TrueCar’s original founder Scott Painter, will take the automotive digital marketplace private in a deal valued at approximately $227 million.
Under the terms of the agreement, TrueCar stockholders will receive $2.55 per share in cash upon closing.
This represents a substantial 72% premium over the company’s closing price on October 14, 2025, the day before the initial announcement.
The deal’s approval follows strong support from major institutional investors and positive recommendations from leading proxy advisory firms ISS and Glass Lewis.
The acquisition marks a full circle for Scott Painter, who founded TrueCar in 2005.
Painter is slated to return as Chief Executive Officer upon the deal’s completion, with a mandate to refocus the platform on profitable growth and deeper integration with its network of over 8,500 certified dealers.
The transaction is expected to close in January 2026, pending the satisfaction of remaining customary closing conditions.