LMP Automotive Holdings: Rises on $608 mln acquisition deal

LMP Automotive Holdings

12/10/2020 13:54

** Shares of automotive ecommerce operator  LMPX.O  up 20%
at $42.1 premarket
    ** Co, on Friday, said it had entered into an agreement to
acquire 70% interest in Atlantic Automotive Group and Atlantic
Central Storage, in deal together valued at $608 mln
 urn:newsml:reuters.com:*:nGNX9RmhCj
    ** Atlantic Automotive Group is New York's largest franchise
dealership group and Atlantic Central Storage is a logistics and
vehicle storage co
    ** Deal will significantly increase co's online-originated
orders due to Atlantic's presence in New York along with its
logistics network
    ** Transaction expected to close between Dec. and Jan.
    ** After deal close, LMP's revenue expected to exceed $2.2
bln on annualized basis in 2021    
    ** Stock up 96.71% YTD

 (Reporting by Madhvi Pokhriyal in Bengaluru)
 ((Madhvi.pokhriyal@thomsonreuters.com))