ERJ staff report (DS)
Tokyo -- Itochu Corp and Itochu Europe PLC have agreed, subject to certain conditions, to acquire all the shares of the Kwik-Fit Group, an independent tyre retailer in the UK and Europe, from PAI Partners, a European private equity firm. The agreed enterprise value is Â£637 million (euro 750?? million).
The acquisition is conditional upon approval from the European Competition Authorities and successful completion of the consultation process with its French Works Council.
Itochu and its subsidiaries operate various tyre-related businesses globally. In the UK, Itochu operates Stapletons (Tyre Services) Ltd. (headquartered in Letchworth Garden City, UK.
Itochu said, "Through this acquisition, Itochu will strive to enhance its tyre business by leveraging Kwik-Fit's network and strong brand and STS's strong logistics capability and its management know-how of retail operations to generate synergies among all tyre-related businesses of Itochu.)
Itochu said it would set up a new company to manage the Kwik-Fit operation. The new company is based in London and has te temporary name of Bidco Tyche Ltd.
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Press release (Acquisition) from Itochu
Press release (New company) from Itochu
Itochu taps strong yen to buy Kwik Fit for $1 bln-UPDATE 3 ForexYard (US - Wall St)
Kwik-Fit sold to Japanese outfit for Â£637m The Scotsman (UK - Scotland)