US company LKQ Corp. has signed a deal to acquire Quebec-based Uni-Select Inc. in a deal valued at approximately $2.8 billion.
Uni-Select Chairman and CEO Brian McManus said the transaction offers attractive value and liquidity to the company’s shareholders.
This auto parts and paints distributor has over 5,200 employees, 15 distribution centers and over 400 branches.
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Under the agreement, LKQ will pay $48 per Uni-Select share in cash. Uni-Select shares closed at $40.28 on the Toronto Stock Exchange on Friday.
The transaction is subject to shareholder approval and antitrust clearance in Canada, the United States and the United Kingdom, as well as approval under the Canadian Investment Act.
In connection with the transaction, LKQ said it would consider selling GSF Car Parts UK, Uni-Select’s UK-based machinery parts distribution business.
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