Super Group to buy Allen Ford for R606m
JSE-listed Super Group on Friday announced that it had entered into an agreement to acquire UK-based franchised motor dealer group Allen Ford for about R606-million, at an exchange rate of £1 to R17.88.
Super Group said this acquisition was in line with its strategy of making selective acquisitions in its core businesses, being supply chain, fleet management and dealerships, in South Africa and internationally.
Allen Ford operated thirteen franchised Ford motor dealerships and two franchised Kia motor dealerships in four of the key Ford franchise areas in England.
Super Group said R425.4-million of the purchase consideration would be financed through a Mauritius-based financial institution, with Super Group planning to settle the balance of R180.5-million from cash resources.
The acquisition was still subject to certain conditions precedent and the effective date of the transaction was, therefore, expected to be around December 1.
In addition, Super Group had also entered into an agreement with Camden Ventures and Camden Motor, giving Super Group a call option to buy eight strategic freehold or leasehold properties leased by Allen Ford from the Camden companies.
Should the properties call option be exercised, 60% to 70% of the R328.9-million purchase consideration would be financed by a UK based finance institution, with Super Group settling the balance, as well as the costs associated with the acquisition, from cash resources.
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