Australian automotive parts maker GUD Holdings said on Tuesday it would buy vehicles accessories maker AutoPacific Group for about A$744.6 million ($531.42 million) from private equity firm Pacific Equity Partners.
The acquisition will add four-wheel drive accessories and trailers business in Australia and New Zealand to GUD’s portfolio and is expected to add low double-digit pro forma earnings for full-year 2022.
The Victoria-based automotive parts maker said it will fund the acquisition through a combination of a A$405 million capital raise, A$282 million of debt and the issue of new shares worth A$75 million.
The deal is subject to limited conditions and expected to be completed by January next year, GUD added.
Source: Reuters.com