World Auto Holdings stated Tuesday it plans to purchase British car dealership chain Lookers for about 465.4 million kilos ($595 million) in money.
World Auto Holdings values Lookers at 120 pence per share, a premium of 35 p.c to the inventory’s closing value on Monday.
World Auto Holdings, an entity associated to privately-owned Canadian automobile supplier community Alpha Auto Group by having the identical proprietor, stated the acquisition allows its entry to the UK market and helps its bid to turn out to be a worldwide auto retailer.
Lookers administrators stated they intend to unanimously suggest the provide to shareholders.
Lookers, which sells new and used automobiles and vans and affords after-sales companies, in April raised its 2023 revenue forecast, supported by strong buying and selling in used automobiles, secure margins and enchancment in provide.
Shares in Lookers surged as a lot as 35 p.c to their highest stage since September 2017.
