British automotive distribution company Inchcape Plc (INCH.L) on Tuesday revealed that it has agreed to acquire Iceland-based automotive distributor Askja and its associated businesses. The company said that this acquisition marks its entry into the Iceland market, as part of its expansion into the Europe and African regions and diversifying its OEM partnerships.
Inchcape said that Askja, which has a diversified OEM portfolio over the last 20 years, is the exclusive distributor in Iceland for several major global brands, like Mercedes-Benz Cars and Vans and Kia. In fiscal 2024, Askja generated revenue of 150 million pounds and employed 260 people.
According to the company, Iceland's Total Industry Volume or TIV for new passenger and light commercial vehicles was approximately 12,000 in fiscal 2024, with Askja holding a 16 percent market share.
Inchcape said that the acquisition is expected to be completed by the third quarter of fiscal 2025, subject to customary conditions and regulatory approvals.
Commenting on the acquisition, Duncan Tait, Group Chief Executive, Inchcape, said, "We are delighted to announce the acquisition of Askja, which is an excellent strategic fit for Inchcape, given its strong track record, diversified OEM brand portfolio, talented people and market leadership position. Iceland, a new market for Inchcape, represents an attractive opportunity to expand our footprint in our Europe and Africa region, while the acquisition also broadens the range of our OEM partnerships, as well as strengthening a number of our existing OEM relationships.
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