Insurer will retain 10 percent interest in Capital SMART and enters into long-term supply agreement.
The AMA Group Limited (ASX:AMA) today announced an agreement with Suncorp Insurance Ventures Pty Ltd (Suncorp) to acquire 90 percent of Capital SMART Repairs Australia Pty Ltd in a transaction valuing the company at AUD$420 million ($280.3 million). AMA will also acquire 100 perent of ACM Parts Pty Ltd (ACM) from Suncorp for $20 million.
As part of the agreement, Suncorp has entered a 25 year plus service agreement comprising a 15.5 year initial term and two 5 year renewal options under which Capital S.M.A.R.T
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