KESKO CORPORATION STOCK EXCHANGE RELEASE 01.12.2016 AT 11.00 1(1)
Kesko has completed the acquisition of AutoCarrera - Porsche representation to VV-Auto
Kesko Corporation's subsidiary VV-Auto Group Oy has acquired the whole share capital of Oy AutoCarrera Ab. With the transaction, the import and retailing of Porsche has transferred to VV-Auto.
In 2015, the net sales of the acquired Oy Autocarrera Ab were €49 million and the operating profit was €3.3 million. The price of the acquisition, structured as a share purchase, is approximately €27 million.
On 14 November 2016, Kesko Corporation announced in a stock exchange release that it acquires the whole share capital of AutoCarrera. On 24 November, the Finnish Competition and Consumer Authority (FCCA) announced that it approves the acquisition. The approval was not subject to any conditions.
The car trade is one of Kesko's strategic growth areas. The acquisition expands VV-Auto's cooperation with Volkswagen AG. Currently VV-Auto is responsible for the import of Volkswagen, Audi, SEAT and MAN and it operates as a significant car retailer at its own outlets in the Greater Helsinki area and Turku. The addition of Porsche to the selection will increase sales and improve the profitability of the car trade.
A consideration of approximately €25 million was paid at the closing of the transaction. A further amount of approximately €2 million will be paid later when the terms and conditions agreed by the parties have been fulfilled.
The acquisition does not have an impact on Kesko Group's outlook.
Pekka Lahti, EVP, car trade division, tel. +358 50 383 7663, email@example.com
Lauri Peltola, EVP, communications, corporate responsibility and stakeholder relations, tel. +358 105 322 400, +358 505 705 606, firstname.lastname@example.org
Jukka Erlund, EVP, Chief Financial Officer, tel. +358 105 322 113, email@example.com
Nasdaq Helsinki Ltd
Main news media
The issuer of this announcement warrants that they are solely responsible for the content, accuracy and originality of the information contained therein.
Source: Kesko Oyj via Globenewswire