Global Auto Holdings Ltd., a special-purpose acquisition company formed by the owners of Alpha Auto to carry out the purchase, will pay Lookers shareholders 120 pence in cash for each share of the nearly century-old dealership group. The agreement values Lookers at 465.4 million pounds (approximately Cdn$780 million).
Toronto-based Alpha Auto Group is reaching across the Atlantic with a transformational deal to acquire one of the United Kingdom’s largest dealership groups.
Kuldeep Billan, executive chairman of Alpha Auto, said the acquisition is a “compelling opportunity” to push into the United Kingdom for the long-term. Lookers’ dealership count, meantime, totals nearly 150. The company, which began selling cars in 1910 after several years as a bicycle retailer, represents 35 manufacturers across the new-vehicle, motorcycle and light-duty commercial vehicle segments. In 2022, the company posted 4.3 billion pounds in revenue and sold approximately 163,000 vehicles.
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