IAA gets final UK regulatory nod for £225M acquisition of SYNETIQ
Mar. 03, 2022 7:51 AM ETRBABy: Jessica Kuruthukulangara, SA News Editor
- IAA (NYSE:IAA) said the U.K.'s Competition and Markets Authority cleared IAA's acquisition of SYNETIQ for £225M.
- The firms were previously required to be held separate under an initial enforcement order issued by the CMA on Nov. 5.
- However, the IEO was revoked by the CMA on Feb. 10.
- All regulatory approvals and consents are now secured.
- In accordance with the terms of the deal, IAA will pay SYNETIQ the remaining $54M (£39.2M) that was being held in an escrow account pending receipt of CMA regulatory approval.