Inchcape To Buy ITC, Simpson Motors From Simpson Group

Inchcape Plc, (INCH.L), an automotive distributor, said on Tuesday that it agreed to acquire Interamericana Trading Corporation or ITC and Simpson Motors from the Simpson Group. The financial terms of the deal have not been disclosed.

The acquisition is expected to expand Inchcape's global footprint with entry into the Caribbean, further building on its presence in the Americas.

It will also strengthen the group's geographic reach with Suzuki, Mercedes-Benz and Subaru, and broaden its OEM relationships, with the addition of Chrysler to its list of brand partners.

The proposed transaction is scheduled to complete in the first half of 2022, the company said in a statement.

Inchcape expects the acquisition to add around 120 million pounds to its revenue annually.

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