(RTTNews) - LKQ Corp. (LKQ) said it has agreed to acquire the holding company of Rhiag-Inter Auto Parts Italia S.p.A, a pan-European business-to-business distributor of aftermarket spare parts for passenger cars and commercial vehicles, for an enterprise value of 1.04 billion euros.
Rhiag has operations in Italy, Czech Republic, Switzerland, Hungary, Romania, Ukraine, Bulgaria, Slovakia, Poland and Spain. Rhiag operates through 247 distribution centers and 10 warehouses, and serves more than 100,000 professional clients.
The transaction, subject to necessary regulatory approvals, is expected to be completed early in the second quarter of 2016.
Rhiag's revenue for the twelve months ended September 30, 2015 was approximately €882 million, and LKQ expects the transaction to be accretive to its earnings in 2016. These projected results exclude restructuring and acquisition related expenses.
Robert Wagman, President and Chief Executive Officer of LKQ Corp said, "Rhiag has a strong market position in Italy and the Czech Republic and experienced management teams in their respective markets. Clearly this acquisition will accelerate our strategy of creating a Pan-European aftermarket mechanical parts distribution business in this highly-fragmented €188 billion wholesale DIFM market."
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