- Genuine Parts Company (NYSE:GPC) announces that it worked a merger with European parts distributor Alliance Automotive Group.
- The acquisition is valued at a total purchase price of ~$2 billion, an amount that includes the repayment of AAG's outstanding debt upon closing.
- London- based AAG has 7,500 employees and is expected to generate gross annual billings of approximately $2.3B. The company expects the acquisition to be immediately accretive to earnings in the first year after closing.
- The transaction is expected to close in Q4.
- Source: Press Release