Group 1 acquires 4 Ford dealerships in U.K.
Group 1 Automotive Inc. acquired four Ford dealerships in the United Kingdom that the Houston-based dealership group expects to generate approximately $177 million in annual revenues.
The dealerships are being acquired from Inchcape Retail Ltd., one of the largest new-vehicle dealership groups in the United Kingdom.
Financial terms of the deal were not disclosed.
The dealerships will operate under the "think Ford" brand name and are located southwest of London in the towns of Farnborough, Guildford, Wokingham and Bracknell, Group 1 said.
Group 1 already owns and operates BMW-Mini and Audi dealerships in the United Kingdom.
"We are delighted to add Ford to our brand offerings in England with this acquisition of four dealerships in a growing area outside of London," Group 1 CEO Earl Hesterberg said in a statement. "We are also very pleased to expand our relationship with Ford Motor Company internationally."
Group 1, the fourth-largest dealership group in the United States, has been targeting domestic and overseas acquisitions to take advantage of the rebound in new-vehicle sales.
In January, Group 1 announced plans to acquire Brazil's UAB Motors Participacoes.
Under the UAB deal, Group 1 is assuming ownership of 18 dealerships -- two Toyota, four Nissan, two BMW, two BMW-Mini, three Renault, three Peugeot, one Land Rover and one Land Rover-Jaguar store.
The dealerships are expected to generate approximately $650 million in estimated annual revenues for Group 1.
The UAB purchase price includes approximately $47.4 million in cash, 1.45 million shares of Group 1 common stock priced at $60.77 a share, and the assumption of approximately $62 million of debt.
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