2023-07-28 15:22:51 ET
The UK's antitrust regulator said that there are "reasonable grounds" to believe the remedy proposed by LKQ Corp. ( NASDAQ: LKQ ) for its planned purchase of Uni-Select ( OTCPK:UNIEF ) may be accepted by the authority.
The undertakings offered by LKQ or a modified version of them may be accepted by the UK's Competition and Markets Authority, the regulator said in an update on its website on Friday.
The update comes after the UK regulator said a week ago that it found that LKQ's planned purchase of Uni-Select ( OTCPK:UNIEF ) may raise competition concerns and moved the transaction into a phase 1 review.
LKQ has agreed to commit to the divestiture of Uni?Select's GSF Car Parts business in the UK, in an effort to receive clearance from the CMA.
Uni-Select ( OTCPK:UNIEF ) expects its sale to LKQ to be completed in Q3 after it satisfies regulatory concerns.
LKQ agreed to acquire Uni-Select’s ( OTCPK:UNIEF ) for C$48.00 per share in cash in late February, representing a total enterprise value of C$2.8B (or $2.1B).
For further details see:
UK antitrust regulator may accept LKQ remedy proposal in Uni-Select deal