Group 1 Automotive disposes of Brazil operations

Jul. 05, 2022 6:52 AM ETGroup 1 Automotive, Inc. (GPI)By: Meghavi Singh, SA News Editor1 Comment
  • Group 1 Automotive (NYSE:GPI) said on Monday that its wholly-owned subsidiary GPI SA, LLC has closed on the disposition of its Brazil operations, under the share purchase pact with Original Holdings S.A., and with UAB Motors Participações Ltda., a wholly-owned subsidiary of Group 1, as an intervening party.
  • Per the terms, Original acquired 100% of the issued and outstanding equity interests of UAB from the company for BRL 510 million in cash.
  • The company also updated its year-to-date share repurchase activity of 1,437,729 shares of common stock at an average price of $176.74 for a total of $254.1 million, which represents 8.3% of Group 1's outstanding share count at January 1, 2022.
  • The company expects that any repurchase of shares will be funded by cash from operations.

Recommended For You

Comments (1)

To ensure this doesn’t happen in the future, please enable Javascript and cookies in your browser.
Is this happening to you frequently? Please report it on our feedback forum.
If you have an ad-blocker enabled you may be blocked from proceeding. Please disable your ad-blocker and refresh.