IAA completes Synetiq acquisition
IAA has completed the acquisition of Synetiq for £225m after receiving clearance from the UK’s Competition and Markets Authority.
The businesses were previously required to be held separate under an initial enforcement order (IEO) issued by the CMA on 5 November. However, the IEO was revoked by the CMA on 10 February, paving the way for full integration of the two businesses.
IAA acquired the stock of Synetiq – which provides salvage auction services from 15 locations for insurance companies, accident management companies, and other public and private sellers – last October through its indirect wholly-owned subsidiary IAA International Holdings Limited.
John Kett, chief executive officer and president of IAA, said, “We are thrilled to receive regulatory approval from the CMA and officially welcome the Synetiq team to IAA. This transaction will significantly expand IAA’s business and services in the United Kingdom, and we are excited to work together to meet our customers’ growing needs. Synetiq’s focus and expertise on green parts will be an excellent addition to our focus on sustainability in the UK and around the world.”
Tom Rumboll, chief executive officer of Synetiq, said: “We are proud to join IAA, a leading global digital marketplace with a significant international footprint. As a combined entity, our diversified portfolios and proven management teams will be tremendous assets as we work to make the vehicle salvage industry more sustainable.”
