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Wednesday, November 26, 2014

Carlyle, Old Mutual to acquire S.African tyre firm from Ethos, (NASDAQ: CG)

U.S. takeover firm Carlyle Group LP and the private equity arm of insurer Old Mutual have agreed to purchase South African tyre retailer Tiger Automotive from Ethos Private Equity, Ethos said on Wednesday. The deal, still subject to approval from South African competition regulators, is for an undisclosed sum, Ethos said. The acquisition marks the first acquisition for Carlyle's $700 million African fund in the continent's most developed economy.

Shares of CG fell by 0.78% or $-0.23/share to $29.23. In the past year, the shares have traded as low as $26.34 and as high as $39.38. On average, 431889 shares of CG exchange hands on a given day and today's volume is recorded at 386147.