Genuine Parts Announces Deal to Close Purchase of Exego Group
Genuine Parts Company (NYSE: GPC) announced today that it has entered into a definitive agreement to acquire the remaining 70% stake of Exego Group, headquartered in Melbourne, Australia, for a total purchase price of approximately $800 million (US$), including the assumption of certain debt.
The Company had previously purchased a 30% stake in the Exego Group on January 1, 2012, and held the option to acquire the remaining shares of the Exego Group at a later date, subject to Exego meeting certain earnings thresholds. The Company expects to finance the balance of the purchase using a combination of cash and borrowings. Subject to the satisfaction of customary closing conditions and applicable regulatory approvals, the acquisition is expected to close on April 1, 2013.
© 2016 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.