Group 1 Automotive Agrees to Acquire Inchcape U.K. Dealerships
Group 1 Automotive, Inc. (GPI)
Last group 1 automotive, inc. earnings: 2/5 07:07 am
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Source: PR Newswire
54 Dealership Locations in the United KingdomHOUSTON, April 15, 2024 /PRNewswire/ -- Group 1 Automotive, Inc. (NYSE: GPI) ("Group 1" or the "Company"), a Fortune 300 automotive retailer with 202 dealerships located in the U.S. and U.K., today announced it has entered into a definitive agreement to acquire the U.K. automotive retailing business and related owned real estate from a subsidiary of Inchcape plc for approximately $439 million (£346 million) in an all-cash transaction, inclusive of $279 million (£220 million) of appraised real estate value. In 2023, the Inchcape U.K. dealerships generated approximately $2.7 billion USD (£2.1 billion) in annual revenues. The transaction is subject to the receipt of approval from the Financial Conduct Authority and is expected to close in the third quarter of 2024.Group 1's President and Chief Executive Officer Daryl Kenningham stated, "Group 1 has successfully operated in the U.K. since 2007 and we are extremely pleased to have this opport
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