Australia's Autosports Group up on $40 mln Motorline business buy

Autosports

07/12/2022 03:38

** Shares of Autosports Group Ltd  ASG.AX  rise as much as
1.8% to A$1.985, their biggest intraday pct gain since Nov 30
    ** The automotive dealer says it has entered into an
agreement through its subsidiary to acquire Motorline and Gold
Coast BMW, MINI and panel repair businesses  urn:newsml:reuters.com:*:nFWN32W2R9
    ** Says acquisition for about A$60 million ($40.12 million),
intended to be funded by a combination of cash reserves and debt
facility
    ** Adds, acquisition expected to be EPS accretive in FY23
    ** Says completion of acquisition expected in late Jan 2023
    ** Stock has fallen 8.9% this year, as of last close   
    ($1 = 1.4954 Australian dollars)
 (Reporting by Echha Jain in Bengaluru)
 ((Echha.jain@thomsonreuters.com))