Eagers Automotive Signs Term Sheet to Acquire 49% Stake in GMG Dealership Portfolio, Shares Up 7%

MT Newswires Live04-01

Eagers Automotive (ASX:APE) said it has entered into a non-binding term sheet with GMG owners Greg Scott and his associates to acquire 49% of their interest in a portfolio of dealerships located on the Gold Coast and in metropolitan Sydney, according to a Wednesday Australian bourse filing.

The acquisition excludes the 20% direct interest held by the dealer equity partner at Grand Motors Toyota and the 25% direct interest held by the dealer equity partner in Ryde Automotive Group, the filing added.

The company also said it has agreed with Zagame Automotive Group to acquire Audi Center Melbourne and Audi Richmond, two large metropolitan dealerships in Melbourne, Victoria.

Eagers Automotive and CanadaOne Auto continue to make progress toward satisfying the remaining pre-completion requirements with Canadian original equipment manufacturer (OEM) partners, with completion expected in the second quarter, the filing added.

The company's shares rose 7% in recent Wednesday trade.

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