Press release
LKQ Corporation Enters Into Definitive Agreement to Acquire Uni-Select Inc.
Compelling strategic fit, enhancing LKQ’s existing businessExpected to generate approximately US$55 million run-rate cost synergies and incremental revenue
About this update from Lkq Corporation
[{"type":"text","content":"Compelling strategic fit, enhancing LKQ’s existing businessExpected to generate approximately US$55 million run-rate cost synergies and incremental revenue upside opportunitiesStrong ongoing commitment by LKQ to maintain investment grade credit ratingsUni-Select shareholders to receive C$48.00 per share entirely in cash, providing them with immediate liquidity and certainty of valuePurchase price represents a 19.2% premium to Uni-Select's closing share price on February 24, 2023 and 20.7% to Uni-Select’s trailing 20-day volume-weighted average price CHICAGO and BOUCHERVILLE, Quebec, Feb. 27, 2023 (GLOBE NEWSWIRE) -- LKQ Corporation (Nasdaq:LKQ) (“LKQ”) and Uni-Select Inc. (TSX:UNS) (“Uni-Select”) today announced that they have entered into a definitive agreement for LKQ to acquire all of Uni-Select’s issued and outstanding shares for C$48.00 per share in cash, representing a total enterprise value of approximately C$2.8 billion (US$2.1 billion) (the “Transaction”). Founded in Boucherville, Québec, Canada in 1968, Uni-Select is a leader in the distribution of automotive refinish and industrial coatings and related products in North America through its FinishMaster segment, in the automotive aftermarket parts business in Canada through its Canadian Automotive Group segment and in the U.K. through its GSF Car Parts segment. With over 5,200 employees, 15 distribution centers and 400+ branches, Uni-Select supports over 70,000 customers annually across the United States, Canada, and the U.K. “This acquisition further enhances LKQ’s global automotive vehicle parts distribution business,” stated Dominick Zarcone, President and Chief Executive Officer of LKQ Corporation. “Uni-Select’s North American automotive refinish paint and mechanical parts distribution operations complement LKQ’s existing footprint and will allow us to distribute a broader array of products to our customers. We look forward to welcoming Uni-Select’s employees to the LKQ team. Importantly, we believe that our combined efforts will create tremendous long-term value for our customers, shareholders, employees, and other stakeholders as we continue to focus on our operational excellence initiatives.” Mr. Zarcone added: “We are also pleased that the acquisition will allow LKQ to build a significant presence in Québec, including Uni-Select’s Boucherville, Québec head offi...