Oct 16 (Reuters) - Advance Auto Parts Inc plans to buy closely held General Parts International Inc for just over $2 billion, the Wall Street Journal reported, citing people familiar with the matter.
The deal, expected to be announced Wednesday, would create one of North America’s largest after-market auto parts retailer, the Journal said.
The combination of Advance Auto Parts and General Parts would create a company with $9.2 billion in annual sales, comparable in size to the market’s current biggest player, AutoZone Inc, according to the newspaper. ()
Advance Auto and General Parts were not immediately available for comment outside of regular U.S. business hours.
Advance Auto sells products such as batteries, air fresheners and engine parts across some 4,000 locations to individuals and commercial buyers.
General Parts has about $3 billion in annual sales with about 2,600 Carquest locations - of which 1,200 are company-owned and 1,400 independent.