CFAO Group and Steinhoff finalise Unitrans Motors Group deal
Eight months after entering into an exclusive negotiation period for the acquisition of 74.9% of Unitrans Motors Group’s share capital, the parties are pleased to announce the financial closing of this transaction...
CFAO Group and Steinhoff finalise Unitrans Motors Group deal, and have jointly selected with Unitrans, Kapela Holdings as its Broad-Based Black Economic Empowerment partner (BBBEE)
Johannesburg, 27th November 2019 – Eight months after entering into an exclusive negotiation period for the acquisition of 74.9% of Unitrans Motors Group’s share capital, the parties are pleased to announce the financial closing of this transaction.
Kapela Holdings, a South African majority black owned investment group, has executed a Share Purchase Agreement with Steinhoff for the acquisition of the remaining 25.1% interest in Unitrans share capital. The closing of this second transaction is expected in the upcoming weeks.
In a joint statement published today, Richard BIELLE, CFAO’s Chairman and CEO, and Brynn STEPHENSON, Unitrans’ CEO declared: “It is now time for Unitrans Motors Group to enter a new phase of its development, reinforcing its strategic position as one of the key leaders of the automotive retail sector. We believe there are strong mutual benefits for our two groups and we are looking forward to engage this new exciting period for our employees”.
Louis du PREEZ, Steinhoff Group CEO said “Unitrans has very different business characteristics from the remainder of our retail portfolio. This transaction also provided the opportunity for Steinhoff to facilitate BBBEE which has been a strategic objective of the Board. Closing of the transaction is another successful step as we continue to simplify the Group’s portfolio and deleverage our balance sheet. We are pleased that the transaction has been finalised and wish CFAO, the Unitrans management team and Kapela every success with the business.”
Unitrans Motors Group operates one of the largest automotive dealer networks in South Africa with 99 dealerships for a range of OEMs. The Group is also involved in insurance and car rental activities. Unitrans employs over 6,000 people and generates €1.5 billion of revenue. The Group will be soon rebranded CFAO Motors.
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