Inchcape to take controlling stake in CATS Group
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Inchcape said it was taking a controlling stake in the CATS Group of the Philippines and forming a joint venture with the distributor of luxury vehicles.
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The deal will expand Inchcape's global distribution footprint as it enters the Philippines, the company said on Tuesday and strengthen its reach and partnerships with Mercedes-Benz, Chrysler, Dodge, Jeep, Jaguar and Land Rover.
No financial details were disclosed. Inchcape will take a 60% stake in CATS, with the remainder being owned by CATS' founding Ang family and its associates, who will also continue to be represented on the company board.
CATS is expected to add c.£120m of annualised revenue and be accretive to the group's operating margin. The transaction remains subject to customary conditions with completion anticipated in the second half of 2023.
Reporting by Frank Prenesti for Sharecast.com