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Car retailer A.P. Eagers Limited (ASX:APE) has agreed to acquire the motor trade operations of Craig Black Group in Queensland. The $35 million deal is a combination of cash and shares and Craig Black will stay on as a consultant.
Craig Black Group employs 280 staff and has an annual turnover of around $245 million. It includes Black Toyota and Hyundai, Volkswagen and Mitsubishi dealerships across Central and South Western Queensland.
The deal is subject to final approval but expects to complete in August this year. It follows the acquisition of Ian Boettcher Motors in March.
A.P. Eagers also recently agreed to sell its Fortitude Valley head office to Walker Group Holdings for $22 million but will lease the site back for up to three years. The proceeds from the sales will be used for further acquisitions continuing the company’s strategy for growth.
A.P. Eagers reported net profit of nearly $64 million for the full year ended December 31 2013.
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