U.S. company signs deal valued at $2.8 B to buy Quebec-based Uni-Select
Uni-Select Inc. corporate office in Boucherville (Credit: Uni-Select)
U.S. company LKQ Corp. has signed a deal to buy Quebec-based Uni-Select Inc. in an agreement that values the company at about $2.8 billion.
Uni-Select executive chair and CEO Brian McManus says the deal offers compelling value and liquidity to the company's shareholders.
The distributor of automotive parts and paints has over 5,200 employees, 15 distribution centres and more than 400 branches.
Under the agreement, LKQ will pay $48 per Uni-Select share in cash. Uni-Select shares closed at $40.28 on the Toronto Stock Exchange on Friday.
The transaction, which needs shareholder approval, also requires antitrust clearances in Canada, the U.S. and the U.K. and approval under the Investment Canada Act.
In connection with the deal, LKQ says it will look to sell GSF Car Parts U.K., Uni-Select's U.K. based mechanical parts distribution business.
This report by The Canadian Press was first published Feb. 27, 2023.
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