Inchcape Derco Acquisition Update
23 December 2022
Derco acquisition: completion before year end
following final regulatory approval
Inchcape plc ("Inchcape" or the "Company"), the leading independent multi-brand global automotive distributor, announces that, following the approval by its shareholders on 16 December for the proposed acquisition of Derco ("the Transaction") and receipt of merger control approval by the Peruvian authorities on 22 December, all conditions to the Transaction have been met.
Completion of the Transaction is now expected to take place before the end of the year.
Duncan Tait, Group Chief Executive, said:
"We are delighted to have received all required shareholder and merger control clearances to complete the acquisition of Derco. The combination with Derco is a transformative and unique opportunity to accelerate our global distribution business.
In addition to delivering substantial shareholder value, the acquisition will provide exciting opportunities for our colleagues, OEM partners, dealers and consumers, and is another great example of Inchcape's Accelerate strategy in action. We are looking forward to welcoming the Derco team into the Inchcape family. "
Contacts
Inchcape plc: |
|
|
|
|
Raghav Gupta-Chaudhary |
Investor queries |
+44 (0)7933 395 158 |
|
|
Finn Lawrence |
General queries |
+44 (0)20 7546 0022 |
|
|
|
|
|
|
Media enquiries (Brunswick Group): |
|
|
|
|
Kate Holgate / Chris Birt |
|
+44 (0)20 7404 5959 |
About Inchcape
Inchcape is the leading independent multi-brand global automotive distributor, operating in over 40 markets and territories with a portfolio of the world's leading automotive brands. Inchcape has diversified multi-channel revenue streams including sale of new and used vehicles, parts, service, finance and insurance. The Company has been listed on the London Stock Exchange (INCH) since 1958, and is classified within the 'Business Support Services' sector. The Group is headquartered in London and employs around 14,500 people globally.
RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our Privacy Policy.
Latest directors dealings
- 15 minutes ago Staffline Group
- 39 minutes ago Manchester & London Investment Trust
- 56 minutes ago Associated British Foods
- 1 hour ago Centaur Media
- 2 hours ago Wizz Air Holdings