LKQ cashes in Czech interests
- 09/01/2020
- Posted by: Alan Feldberg
- Category: News
LKQ Corporation is selling its equity interests in two Czech distributors to Swiss Automotive Group AG.
Terms of the transaction were not disclosed.
In May 2018, the European Commission cleared LKQ’s acquisition of STAHLGRUBER GmbH, with the exception of Stahlgruber’s two wholesale businesses in the Czech Republic. The Czech Competition Authority subsequently approved LKQ’s acquisition of the two Czech distributors, subject to certain divestiture conditions. LKQ then decided to sell the entire equity interests of the two businesses.
It will continue to operate its existing Auto Kelly and ELIT businesses in the Czech Republic.
Dominick Zarcone, president and chief executive officer of LKQ, said: “We appreciate the efforts of local management to build a successful business in the Czech Republic, and we are proud that we have found an outstanding new owner for it.”
