Brief: LMP Automotive Announces Deal Valued At $608 Million

LMP Automotive Holdings

09/10/2020 21:51

Oct 9 (Reuters) - Lmp Automotive Holdings Inc  LMPX.O :
    * LMP AUTOMOTIVE HOLDINGS -  TO ACQUIRE 70% INTEREST IN
ATLANTIC
AUTOMOTIVE GROUP, AND TO ACQUIRE ATLANTIC CENTRAL STORAGE, IN
DEAL VALUED AT $608 MILLION
    * LMP AUTOMOTIVE HOLDINGS - ACQUISITION EXPECTED TO ADD AN
ESTIMATED $1.6 BILLION IN REVENUE, NET INCOME OF $3.18 PER
SHARE, ON AN ANNUALIZED BASIS IN 2021
    * LMP AUTOMOTIVE HOLDINGS - DEAL EXPECTED TO BE FUNDED WITH
A
COMBINATION OF FINANCINGS (INCLUDING SELLER FINANCING) AND LMP'S
CURRENT BALANCE SHEET
    * LMP AUTOMOTIVE HOLDINGS INC - ATLANTIC AUTOMOTIVE GROUP'S
MANAGEMENT WILL CONTINUE TO OPERATE BUSINESS POST CLOSING OF
DEAL

Source text for Eikon:  ID:nGNX9RmhCj 
Further company coverage:  LMPX.O 

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