Thursday, April 24, 2008
Inchcape: New Russian Acquisition
Inchcape has increased its presence in the burgeoning Russian car market with the acquisition of Musa Motors in a deal that could be worth up to $700m (£350m).
The agreement sees the global retailer pay an initial down payment of $200m for a 75.1 per cent stake in Musa but the total value could rise to $700m, depending on the group’s performance.
Inchcape will pay a further sum of up to $250m if the Russian group meets its 2008 targets and will then acquire the remaining 24.9 per cent stake after 2010 for up to $250m.
Musa Motors is ranked among Russia’s top ten dealer groups with 16 outlets representing predominantly luxury franchises, including BMW, Rolls-Royce and Jaguar.
DATED: 24.04.08
FEED: MT
The agreement sees the global retailer pay an initial down payment of $200m for a 75.1 per cent stake in Musa but the total value could rise to $700m, depending on the group’s performance.
Inchcape will pay a further sum of up to $250m if the Russian group meets its 2008 targets and will then acquire the remaining 24.9 per cent stake after 2010 for up to $250m.
Musa Motors is ranked among Russia’s top ten dealer groups with 16 outlets representing predominantly luxury franchises, including BMW, Rolls-Royce and Jaguar.
DATED: 24.04.08
FEED: MT
