PSCD - Group 1 Makes Power Move in UK Market with Inchcape Auto Dealerships Buy Out | Benzinga
Group 1 Automotive, Inc. (NYSE:GPI) disclosed a deal to buy the U.K. automotive retailing business and related owned real estate from a subsidiary of Inchcape PLC (OTC:IHCPF) for around $439 million (£346 million) in an all-cash transaction.
The acquisition price includes $279 million (£220 million) of appraised real estate value.
In 2023, the Inchcape U.K. dealerships generated approximately $2.7 billion (£2.1 billion) in annual revenues.
The transaction is expected to close in the third quarter of 2024, subject to the receipt of approval from the Financial Conduct Authority.
Daryl Kenningham, Group 1’s President and CEO, said, “Inchcape’s brand mix is outstanding. These ...