2023-07-21 09:50:07 ET
The UK's antitrust authority has found that LKQ Cprp.'s ( NASDAQ: LKQ ) planned purchase of Uni-Select ( OTCPK:UNIEF ) may raise competition concerns and is moving its review into an in-depth probe.
The UK'S Competition and Markets Authority has moved the review of the deal into a phase 2, according to a statement from the agency. The regulator claims that in the UK, the parties overlap in the supply of car parts and related garage equipment through physical stores and online channels.
Uni-Select ( OTCPK:UNIEF ) and LKQ are currently reviewing the U.K. CMA's decision and will "promptly engage" to formally submit a remedy proposal to the UK, according to a statement f rom Uni-Select. As previously disclosed, 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 can be completed in Q3 after it satisfies regulatory concerns.
LKQ agred 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).
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UK antitrust regulator moves LKQ purchase of Uni-Select into in-depth review