ACCC Greenlights the Merger Between AP Eagers and Automotive Holdings
In line with our expectations, the Australian Competition and Consumer Commission, or ACCC, has greenlit the merger between narrow-moat-rated auto dealers AP Eagers and Automotive Holdings. The approval will take effect on Aug. 16, 2019 and is conditional on the divestment of the Klosters Motor Group business by AP Eagers which is already underway. We had expected the ACCC to grant approval, so this is already reflected in our AUD 9.00 and 2.40 per share fair value estimates for AP Eagers and Au...A.P. Eagers' segments include: Car Retail, which provides a range of automotive products and services, including new vehicles, used vehicles, vehicle maintenance and repair services, vehicle parts, extended service contracts, vehicle protection products and other aftermarket products; Truck Retail, which provides a range of products and services, including new trucks, used trucks, truck maintenance and repair services, truck parts, extended service contracts, truck protection products and other aftermarket products; Property, which acquires commercial properties for its motor dealership operations; and Investments, which includes the investments in One Way Traffic Pty Ltd.
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