Canada’s Alpha Auto Group is a step closer to finalizing its acquisition of Lookers plc, as shareholders of the publicly traded U.K. dealership group signed off Sept. 5 on the approximately $636.6-million deal.
The all-cash takeover will supersize Toronto-based Alpha Auto, adding 147 U.K. locations to its 15 new-vehicle stores in Canada and the United States.
In a pair of votes Sept. 5, more than 90 per cent of Lookers shareholders approved the deal, which values the company at 130 pence per share, or 504.2 million pounds.