REG - Inchcape PLC - Inchcape Derco Acquisition Update

InchcapeAnnouncement

23/12/2022 07:00

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RNS Number : 7007K  Inchcape PLC  23 December 2022

23 December 2022

 

Derco acquisition: completion before year end
following final regulatory approval

 

Inchcape plc ("Inchcape" or the "Company"), the leading independent
multi-brand global automotive distributor, announces that, following the
approval by its shareholders on 16 December for the proposed acquisition of
Derco ("the Transaction") and receipt of merger control approval by the
Peruvian authorities on 22 December, all conditions to the Transaction have
been met.

Completion of the Transaction is now expected to take place before the end of
the year.

 

Duncan Tait, Group Chief Executive, said:

"We are delighted to have received all required shareholder and merger control
clearances to complete the acquisition of Derco. The combination with Derco is
a transformative and unique opportunity to accelerate our global distribution
business.

In addition to delivering substantial shareholder value, the acquisition will
provide exciting opportunities for our colleagues, OEM partners, dealers and
consumers, and is another great example of Inchcape's Accelerate strategy in
action. We are looking forward to welcoming the Derco team into the Inchcape
family."

 

Contacts
 Inchcape plc:
 Raghav Gupta-Chaudhary              Investor queries  +44 (0)7933 395 158  i (mailto:investors@inchcape.com) nvestors@inchcape.com
                                                                            (mailto:investors@inchcape.com)
 Finn Lawrence                       General queries   +44 (0)20 7546 0022

 Media enquiries (Brunswick Group):
 Kate Holgate / Chris Birt                             +44 (0)20 7404 5959  inchcape@brunswickgroup.com (mailto:inchcape@brunswickgroup.com)

 
About Inchcape

Inchcape is the leading independent multi-brand global automotive distributor,
operating in over 40 markets and territories with a portfolio of the world's
leading automotive brands. Inchcape has diversified multi-channel revenue
streams including sale of new and used vehicles, parts, service, finance and
insurance. The Company has been listed on the London Stock Exchange (INCH)
since 1958, and is classified within the 'Business Support Services' sector.
The Group is headquartered in London and employs around 14,500 people
globally.

www.inchcape.com. (http://www.inchcape.com.)

 

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