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Group 1 Automotive Inc Closes UAB Motors Participacoes S.A. Acquisition

Thursday, 28 Feb 2013 04:07pm EST 

Group 1 Automotive Inc announced acquisition of UAB Motors Participacoes S.A., one of Brazil's automotive retailers. The company acquired 100 % of the outstanding shares and interest in 18 dealerships, for approximately $47.4 million cash, 1.45 million shares of Group 1 common stock and the assumption of approximately $62 million of net non-floorplan debt. The 18 dealerships, representing 22 franchises - two Toyota, four Nissan, four BMW, two MINI, three Renault, three Peugeot, two Land Rover and two Jaguar - represent eight major brands and five collision centers in the Sao Paulo market and key metropolitan markets in the neighboring state of Parana. The dealerships are expected to generate approximately $650 million in total estimated annual revenues and be approximately $0.03 to $0.05 accretive to earnings per diluted common share in 2013 excluding any associated deal costs. Group 1 estimates it will incur about $6.5 million in costs related to this deal in the first quarter of 2013. The business will continue to be operated by the current management team, with UAB's chairman, Lincoln da Cunha Pereira Filho, reporting directly to Earl J. Hesterberg, Group 1's president and chief executive officer. expanding its membership to eight. Barclays acted as the exclusive advisor to Group 1 on this transaction. Jones Day and Mattos Filho acted as legal counsel to Group 1 on this transaction. 

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