O'Reilly Automotive, Inc ORLY said it has entered into a definitive stock purchase agreement with the shareholders of automotive parts distributor and marketer Groupe Del Vasto, headquartered in Montreal, Quebec, Canada.
O'Reilly will acquire all of the outstanding shares of Groupe Del Vasto and its affiliated entities. The acquisition represents O'Reilly's entrance into the Canadian automotive aftermarket. The financial details of the transaction were not revealed.
Groupe Del Vasto, known as Vast-Auto, operates two distribution centers and six satellite warehouses supporting a network of 23 company-owned stores across five Canadian provinces.
The stock purchase is expected to be completed in January 2024, subject to customary closing approvals.
"We are excited to announce our purchase agreement with Vast-Auto, a highly respected, family-owned and operated auto parts supplier in Canada," said CEO Greg Johnson.
O'Reilly held $82.7 million in cash and equivalents as of September 30, 2023.
Price Action: ORLY shares closed higher by 0.90% at $960.13 on Monday.
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