(Alliance News) - Inchcape PLC said on Monday it expanded its distribution in Chile through the acquisition of 70% stake in premium car distributor Ditec.
The London-based car dealership said the acquisition expands its footprint in the Americas by adding a first-time distribution relationships with the Porsche and Volvo car brands. The company said the acquisition will also broadens its coverage with the Jaguar Land Rover marque to 12 markets.
Inchcape expects Ditec to add GBP130 million of annualised revenue to its "fast growing region", the Americas & Africa. The company did not disclose the financial details of the acquisition.
Ditec President Sebastian de Carcer retains the remaining 30% stake in Ditec. Completion is anticipated in the second quarter of 2022.
Shares in Inchcape were up 0.9% at 697.50 pence on Monday morning in London.
By Heather Rydings; heatherrydings@alliancenews.com
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Inchcape (INCH)