LKQ Corporation has announced the execution of a definitive agreement to sell its equity interests in two Czech wholesale automotive parts distributors to Swiss Automotive Group AG. Terms of the transaction were not disclosed.
In May 2018, the European Commission cleared LKQ’s acquisition of STAHLGRUBER GmbH, with the exception of Stahlgruber’s two wholesale businesses in the Czech Republic, which were referred for review to the Czech Competition Authority. Earlier this year, the Czech Competition Authority approved LKQ’s acquisition of the two Czech distributors, subject to certain divestiture conditions. LKQ subsequently decided to sell the entire equity interests of the two businesses. LKQ Europe will continue to operate its existing Auto Kelly a.s. and ELIT s.r.o. businesses in the Czech Republic.
Dominick Zarcone, President and Chief Executive Officer of LKQ, stated, “We appreciate the efforts of local management to build a successful business in the Czech Republic, and we are proud that we have found an outstanding new owner for it.”
LKQ expects to complete the sale in early 2020, subject to required regulatory approvals.