Shares of Genuine Parts Company (GPC) rose some 1.5% in Monday's trading session. The company which is focused on the distribution of automotive, industrial and electronic materials and parts, announced that it has acquired a 70% remaining stake in Exego Group.
The Deal
Genuine Parts Company announced that it has agreed to acquire the remaining 70% stake in Exego Group, headquartered in Australia. Genuine Parts will pay roughly $800 million for the remainder of the company, including the assumption of debt.
The company already purchased the first 30% stake in January of 2012 and has now lifted the option to acquire the remainder of the shares. Exego is a leading distributor of automotive replacement parts and accessories in Australia and New Zealand, operating more than 430 stores with more than 4,000 staff.
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