Automotive distributor Inchcape Plc (INCH.L) announced Monday its agreement to sell its UK Retail operations to Group 1 Automotive UK Limited, a subsidiary of Group 1 Automotive, Inc. (GPI), for cash consideration of around 346 million pounds.
The company said the deal is consistent with its strategic focus on higher margin, capital-light, cash generative, diversified, scalable and global Distribution business.
The deal is expected to complete during the third quarter. Following the disposal, Inchcape will substantially be a Distribution-focussed business.
Following the deal closure, it is intended that 100 million pounds of the proceeds will be returned to Inchcape shareholders by means of a share buyback programme, which is expected to be completed within 12 months.
In fiscal 2023, Inchcape's UK Retail operations generated revenue of 2.07 billion pounds, 18% of Group revenue, and adjusted operating profit of 49 million pounds, 7% of Group operating profit.
Inchcape's UK Retail operations employ around 3,600 people in over 80 sites in the UK, with 12 OEM partners. After deducting liabilities, the transaction is expected to result in a gain on disposal.
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