Group 1 Automotive to acquire Inchcape for $439M in cash

Group 1 Automotive 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 for approximately $439M in an all-cash transaction, inclusive of $279M of appraised real estate value. In 2023, the Inchcape U.K. dealerships generated approximately $2.7B 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. With 54 dealership locations across major hubs in England and Wales, Inchcape’s U.K. dealership portfolio includes Audi, BMW/MINI, Jaguar Land Rover, Lexus, Mercedes-Benz/smart, Porsche, Toyota, Volkswagen and Volkswagen Commercial Vehicles. On an aggregate basis, these dealerships sell over 63,500 new and used vehicles, and 24,000 corporate units, annually. The company will provide additional details about the Inchcape acquisition on its upcoming earnings call on April 24 at 9:00 a.m. ET.