April 1 South African transport group Barloworld Ltd said on Tuesday it has sold its Australian auto retail unit for 1.3 billion rand ($124 million).
Barloworld, which had seven auto showrooms in Sydney and Melbourne, said it would used the cash to pay down debt and fund growth opportunities.
The deal - first announced last month - is effective March 31, 2014.
Shares in Barloworld were up 0.6 percent at 110.99 rand, largely in line with the JSE All-share index. (Reporting by Tiisetso Motsoeneng; editing by David Dolan)