ATLANTA – Genuine Parts Company (GPC) has completed the purchase of the remaining 70 percent stake of Australia’s Exego Group for approximately $650 million in cash and the assumption of approximately $160 million in net debt. The deal became effective April 1, 2013.
The purchase was financed using a combination of cash on hand and borrowings under existing credit facilities. GPC had previously purchased a 30 percent stake in the Exego Group on Jan. 1, 2012, and had announced the pending agreement to acquire the remaining shares on March 11, 2013.
Exego Group, headquartered in Melbourne, Australia, is a leading aftermarket distributor of automotive replacement parts and accessories in Australasia, with annual revenues of more than $1 billion and a company-owned store footprint of more than 430 locations across Australia and New Zealand.
