Atlanta-based Genuine Parts Co. has agreed to complete its purchase of Exego Group, a Melbourne, Australia-based distributor of aftermarket auto parts with more than $1 billion in annual revenues.
Genuine Parts will pay $800 million to acquire the remaining 70 percent stake in Exego, in which it bought a 30 percent stake on Jan. 1 with an option to take the remaining shares later pursuant to certain conditions.
Exego, which has more than 430 stories across Australia and New Zealand, met earning expectations more quickly than expected, according to a Genuine Parts news release. The completed deal is scheduled to close April 1.
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