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The Monetary Conduct Authority has given the go-ahead for US-based Lithia Motor’s takeover of the motor retail a part of Pendragon, together with its Pendragon Finance and Insurance coverage Providers Restricted enterprise.
Lithia’s acquisition is now anticipated to finish on January 31, 2024 – a date which will mark the start of the transformation of Pendragon into Pinewood Applied sciences, a pure-play software program enterprise, which operates the corporate’s seller administration software program enterprise.
And this enterprise will enter a strategic partnership with a completely owned subsidiary of Lithia Motors, to present a foothold for the Pinewood DMS in North America.
Following completion of the transaction, Pendragon confirms its intention to return a money quantity equal to roughly 24.5 pence per atypical share to shareholders by means of a particular dividend which is now anticipated to be paid in Q1/Q2 2024.
The board of Pinewood Applied sciences shall be joined by two Lithia executives: Chris Holzshu, chief working officer, and George Hines, chief know-how officer, in non-executive director roles.
Mark Willis will step down as director and chief monetary officer of the Pinewood Applied sciences and his successor shall be Oliver Mann.
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