Genuine Parts completes deal for rest of Exego
by Associated Press Wire
April 02, 2013 10:00 AM | 807 views | 0 0 comments | 6 6 recommendations | email to a friend | print
ATLANTA (AP) — Genuine Parts Co., an auto and industrial parts distributor, said Tuesday that it completed its purchase of the remaining 70 percent stake in Exego Group for about $650 million in cash, boosting its presence in Australia.

Atlanta-based Genuine Parts said the deal also includes the assumption of about $160 million in net debt, effective April 1.

The deal was financed using a combination of cash and debt. Genuine Parts previously bought a 30 percent stake in Exego in January and announced plans to buy the rest of the company in March.

The Australia-based company was founded in 1922 and posts annual revenue of more than $1 billion. It operates more than 430 company-owned stores across Australia and New Zealand.

Genuine Parts also said Tuesday that it plans to release its first quarter results on April 19.

Genuine Parts shares rose 64 cents to $77.76 in morning trading. They have traded in a 52-week range of $55.58 to $78.12.

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