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.

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