Genuine Parts Company (NYSE: GPC), Atlanta, GA, has agreed to acquire the remaining 70 percent stake of Exego Group, Melbourne, Australia, for $800 million.
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The company had purchased a 30 percent stake in the Exego Group in January 2012. The acquisition is expected to close April 1.
Exego Group is an aftermarket distributor of automotive replacement parts and accessories with annual revenues of more than $1 billion and a footprint of more than 430 locations across Australia and New Zealand.
Tom Gallagher, chairman and CEO of Genuine Parts Co., said, "The Exego team exceeded our expectations for meeting the growth and earnings thresholds outlined in our original agreement, thus, we were presented with the opportunity to move forward with our investment earlier than expected."
