With the acquisition of Unitrans Motor Group in South Africa, CFAO plans to enter Africa’s biggest car market in automotive retail
CFAO entered in to an exclusive negotiation period with Steinhoff Group for the acquisition of 74.9% of the issued share capital of Unitrans Motor Holdings...
28th March 2019 – CFAO entered in to an exclusive negotiation period with Steinhoff Group for the acquisition of 74.9% of the issued share capital of Unitrans Motor Holdings (Pty) Ltd on the basis of a Heads of Terms signed between the parties. In line with the parties’ commitment to contribute to local economic growth, it is envisaged that Steinhoff will dispose of its remaining 25.1% interest in Unitrans as part of a Broad-Based Black Economic Empowerment transaction.
Unitrans Motor Group operates one of the largest automotive dealer networks in South Africa with 99 dealerships for more than 10 car manufacturers. The Group is also involved in insurance and car rental activities. Unitrans employs over 6,000 people and generates €1.5 billion of revenue. With more than 550,000 units sold in 2018, South Africa is the biggest African new car market, accounting for 45% of the units sold across the continent.
Richard BIELLE, CFAO’s Chairman and CEO: "By intending to enter Africa’s biggest car market, CFAO sets a key milestone in its pan-African development and reinforces its South African footprint, currently constituted of procurement and logistic services to the local automotive industry."
The completion of the transaction is subject to the negotiation of a definitive agreement between the parties and regulatory and third party approvals.
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