logo
  

Inchcape Agrees To Sell Retail Operations In St. Petersburg For Enterprise Value Of About £70 Mln

Inchcape plc (INCH.L) said it has agreed to sell its Toyota and Audi retail operations in St. Petersburg to KlyuchAvto, a local market operator, for an enterprise value of about £70 million, which will be paid in cash on completion.

The transaction, which is conditional upon final OEM partner and regulatory approvals, is expected to complete in the second-quarter.

In 2020, the disposed operations generated revenue of about £200 million and profit before tax of £12 million. Gross assets at the end of 2020 were £77 million. The proceeds from the disposal would be deployed consistent with the Group's strategy to grow the core Distribution business.

For comments and feedback contact: editorial@rttnews.com

Business News

Editors Pick
Sturtevant, Wisconsin-based BRP U.S. Inc. is recalling around 20 models of Side-by-Side vehicles citing fire risk, the U.S. Consumer Product Safety Commission. The recall involves about 34,400 units of Model Years 2020 and 2021 Can-AM Defender HD10 side-by-side vehicles. While reporting financial results for the second quarter on Friday, technology company Honeywell international Inc. (HON) raised its adjusted earnings and sales guidance for the full-year 2021, based on the second-quarter performance and management's outlook for the remainder of the year. For fiscal... Shares of Vodafone Group Plc were gaining around 2 percent in the morning trading in London after the British telecom major reported higher revenues in its first quarter. Looking ahead, the company said it is on track to deliver fiscal year 2022 guidance, with Adjusted EBITDAaL expected to be between 15.0 billion euros - 15.4 billion euros and Adjusted free cash flow of at least 5.2 billion euros
RELATED NEWS
Follow RTT