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US automobile vendor large AutoNation is claimed to be eyeing a transfer to snap up Inchcape’s UK dealerships.
Sky Information has reported that AutoNation is within the early phases of contemplating swooping on the listed Inchcape, one in every of quite a few contenders mulling a possible acquisition.
The deal may very well be value round £350m and would mark AutoNation’s first foray into the UK after strolling away from a bidding warfare for Pendragon six months in the past.
AutoNation, a listed automotove retail large with a market capitalisation of just about $7bn (£5.5bn), posted revenues of $26.9bn (£21.3bn) final 12 months.
In January, Inchcape confirmed it was doubtlessly looking for a purchaser for its UK operations which comprise 70 showrooms and three,700 staff.
That prompted the corporate to problem a London Inventory Trade announcement, stating: “Inchcape confirms that following approaches from quite a few events, it’s reviewing strategic choices for the UK retail enterprise, which doubtlessly may embrace a sale.”
On the time, Sky Information reported that Rothschild had been employed to supervise talks with bidders and {that a} disposal of its UK dealerships would go away Inchcape free to deal with its higher-margin distribution actions exterior the UK.
The deal could be the newest mega takeover of great retailer teams within the UK. Final 12 months, Lithia Motors acquired Jardine Motors, the UK-based firm, from Hong Kong conglomerate Jardine Matheson Holdings. Lithia additionally agreed to purchase the dealerships and leasing companies of Pendragon whereas Lookers was offered to Canada’s Alpha Auto Group in a £465m deal.
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