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BAPCOR LIMITED — Capital/Financing Update 2015
Jul 1, 2015
64494_rns_2015-07-01_8465ecd3-983f-4c12-886c-7ae2f2f7f368.pdf
Capital/Financing Update
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Burson Group Limited A.B.N 80 153 199 91261 Gower Street (PO Box 8251 Northland) Preston, Victoria, 3072 Australia Tel: + 61 3 9914 5555 Fax: + 61 3 9914 5544 www.burson.com.au
Burson Group Limited
(ASX: BAP)
ASX Release
2 July 2015
Acquisition of Opposite Lock Business
In Burson Group Limited’s announcement on 15 June 2015 regarding the acquisition of Metcash Automotive Holdings Pty Ltd (MAH), it referred to a potential further acquisition by MAH of another business.
Burson is pleased to advise that it has now agreed for MAH to proceed with the acquisition of the business and assets of Opposite Lock.
Opposite Lock is a specialist 4x4 franchisor and wholesaler consisting of 53 franchise stores and 2 company owned stores.
The completion of the Opposite Lock acquisition by MAH, which is subject to certain conditions, will result in Burson owning the Opposite Lock business upon the settlement of its acquisition of MAH on 31 July 2015. The purchase price of up to $12 million is in addition to the previously announced purchase price for MAH of $275 million.
Commenting on the transaction, Burson’s Managing Director and CEO Darryl Abotomey stated: “The acquisition of Opposite Lock positions the MAH business in the growing SUV and 4x4 segment, and will enable the Opposite Lock business to leverage MAH’s existing infrastructure and store network to promote further growth. Burson is pleased to support MAH in this exciting opportunity”.
-Ends
For further information, please contact:
Darryl Abotomey
Managing Director and CEO +61 419 838 059 +61 3 9914 5555
Gregory Fox
Chief Financial Officer and Company Secretary +61 417 562 891 +61 3 9914 5555
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