Group 1 Automotive, the fourth-largest U.S. auto dealer group, has agreed to purchase Brazilian automotive retail firm UAB Motors Participacoes S.A for about $146 million in cash and stock, to expand into Brazil's fast growing market.Group 1 said on Thursday it reached a definitive ageement to buy UAB for $47.4 million in cash and 1.45 million Group 1 shares, valuing the deal at about $145.6 million based on Group 1's close on the New York Stock Exchange on Thursday.The U.S. auto dealer, which will also assume about $62 million of UAB debt, said the deal should be modestly accretive, adding 3 cents to 5 cents a share to its 2013 earnings.The deal will give Group 1 ownership of 18 dealerships -- two Toyota, four Nissan, two BMW, two BMW/MINI, three Renault, three Peugeot, one Land Rover and one Land Rover/Jaguar -- which are expected to generate about $650 million in annual revenues.
Group 1 Automotive, Inc. is an operator in the automotive retailing industry. Shares of GPI remained unchanged at $67.72. In the past year, the shares have traded as low as $43.63 and as high as $69.12. On average, 239240 shares of GPI exchange hands on a given day and today's volume is recorded at 0.
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