Metair to buy financially distressed AutoZone for R290 Million – But why?
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GUEST - Paul O’Flaherty - Metair CEO
JSE-listed Metair Investments will buy financially distressed aftermarket auto parts retailer AutoZone in a R290 million deal as part of the latter’s business rescue plan.
Metair – an international manufacturer, distributor and retailer of automotive components and energy storage solutions – confirmed the acquisition on Friday in a Sens announcement.
“A maximum consideration of R290 million, payable in cash by Metair or its nominated subsidiary on the closing date, will be used to settle AutoZone creditor and lender claims in line with AutoZone’s business rescue plan [and] acquire the sale shares for a nominal amount and fund R75 million in working capital requirements,” the group said.
JSE-listed Metair Investments will buy financially distressed aftermarket auto parts retailer AutoZone in a R290 million deal as part of the latter’s business rescue plan.
Metair – an international manufacturer, distributor and retailer of automotive components and energy storage solutions – confirmed the acquisition on Friday in a Sens announcement.
“A maximum consideration of R290 million, payable in cash by Metair or its nominated subsidiary on the closing date, will be used to settle AutoZone creditor and lender claims in line with AutoZone’s business rescue plan [and] acquire the sale shares for a nominal amount and fund R75 million in working capital requirements,” the group said.
