Group 1 Automotive, Inc. (NYSE: GPI) announced an agreement to acquire the U.K. automotive retailing business and related owned real estate from a subsidiary of Inchcape plc for approximately $439 million (£346 million) in an all-cash transaction, inclusive of $279 million (£220 million) of appraised real estate value. In 2023, the Inchcape U.K. dealerships generated approximately $2.7 billion USD (£2.1 billion) in annual revenues.
The transaction is subject to the receipt of approval from the UK Financial Conduct Authority and is expected to close in the third quarter of 2024.
Group 1’s President and Chief Executive Officer Daryl Kenningham stated,
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