LONDON (dpa-AFX) - Automotive distributer and retailer Inchcape plc, (INCH.L) on Tuesday announced a controlling stake in CATS Group of Companies, a distributor of luxury vehicles in the Philippines.
Inchcape would acquire a 60 percent stake in CATS, with the remainder being owned by CATS' founding Ang family and its associates, who will also continue to be represented on the CATS Board, by Felix Ang, and in the management team. Other financial details of the transaction are not disclosed.
CATS is expected to add approximately 120 million pounds of annualized revenue and be accretive to the Group's operating margin.
The transaction is anticipated to be completed in the second half of 2023.
The deal is expected to expand Inchcape's global distribution footprint as it enters the Philippines, further building on its well-established presence in the APAC region. It would also strengthen the Group's geographic reach and partnerships with Mercedes-Benz, Chrysler, Dodge, Jeep, Jaguar and Land Rover, and broaden its relationships, adding RAM to its list of brand partners.
Shares of Inchcape closed Monday's trading at 926 pence, up 7.50 pence or 0.82 percent from the previous close.
Copyright(c) 2023 RTTNews.com. All Rights Reserved
Copyright RTT News/dpa-AFX