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Genuine Parts Co Completes Acquisition Of Remaining 70% Of Exego Group

Tuesday, 2 Apr 2013 09:12am EDT 

Genuine Parts Co announced that it has completed the purchase of the remaining 70% stake of Exego Group for approximately USD650 million in cash and the assumption of approximately USD160 million in net debt, effective April 1, 2013. The purchase was financed using a combination of cash on hand and borrowings under existing credit facilities. The Company had previously purchased a 30% stake in the Exego Group on January 1, 2012, and had announced the pending agreement to acquire the remaining shares on March 11, 2013. 

Company Quote

2.87 +3.21%
12:33pm EDT