Itochu Corp to acquire Kwik Fit Group
The ITOCHU Corporation, one of the leading Japanese Trading Corporations with revenues of over £25bn, is to acquire all the shares of the Kwik-Fit Group from PAI partners in a transaction which values the business at £637million.
The agreement is subject to approval by the European Competition Authorities and successful completion of the consultation process with French Works Council, and will enable Kwik-Fit to continue to expand the range, accessibility and quality of its product offerings.
Ian Fraser, chief executive of Kwik-Fit comments: “It has been a pleasure working with PAI partners over the years. Their support has been an important factor in our continuing success. We now look forward with enthusiasm to our partnership with ITOCHU and the next stage of Kwik-Fit’s development.
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