Business
US Motor Group - Disposal of certain Dealerships
US Motor Group - Disposal of certain Dealerships.
About this update from Pinewood Technologies Group Plc
[{"type":"text","content":"\n \nRNS Number : 8660X Pendragon PLC 02 May 2019 \n\n \nPendragon PLC\n(\"Pendragon\" or the \"Company\")\n \nUS Motor Group - Disposal of certain Dealerships in California\nPendragon announces that it has agreed to dispose of the trade and assets of its Jaguar Land Rover motor vehicle dealership located in Mission Viejo, California (the \"First Transaction\") and that it has agreed to dispose of the trade and assets of its Jaguar Land Rover dealership located in Newport Beach, California (the \"Second Transaction\"), together (the \"Transactions\"). The dealerships subject to the Transactions form part of the Company's overall US Motor Group.\nIn relation to the First Transaction, the purchaser of the business is Lithia Motors, Inc (\"Lithia\"), a well known US dealership group listed in the US. The consideration for the First Transaction is expected to be approximately £29.0 million, to be satisfied entirely in cash payable at completion, with the precise amount being determined following the preparation of completion accounts in respect of the transaction. As at 31 December 2018, the gross assets that are the subject of the First Transaction amounted to £24.6 million and the profit prior to central costs amounted to GBP £0.9 million.\nIn relation to the Second Transaction, the purchaser of the business is US Auto Trust, LLC (\"US Auto\"). The consideration for the Second Transaction is expected to be approximately £31.0 million, to be satisfied entirely in cash payable at completion, with the precise amount to be determined following the preparation of completion accounts in respect of the transaction. As at 31 December 2018, the gross assets that are the subject of the Second Transaction amounted to £42.9 million and the profit prior to central costs amounted to GBP £6.0 million. In addition to the trade and assets that are the subject of the Second Transaction, US Auto previously acquired the Company's single Aston Martin business in the US on 02 July 2018 for consideration of GBP £3.1m.\nCompletion of the Transactions is subject, in each case to a number of conditions, including, inter alia, the satisfactory completion of due diligence by both purchasers.\nUpon the agreement that has been entered into in respect of the First Transaction and the Second Transac...