Acquisition completion

12 May 2006 07:00

Northgate PLC12 May 2006 ACQUISITION OF RECORD RENT A CAR S.A. Northgate plc (the "Group"), the UK's leading light commercial vehicle hirecompany, announces that yesterday it completed the second stage of theacquisition of one of Spain's leading vehicle rental companies, Record Rent aCar S.A. ("Record"). The Group originally acquired 49% of Record on 8 August 2005 for a considerationof €54.8m. The amount payable for the remaining 51% of Record was primarilydependent on the profit after tax of Record for the year ended 31 December 2005.This consideration has been determined as €72.7m giving rise to a totalconsideration of €127.5m. -Ends- For further information, please contact: Northgate plc 01325 467558Steve Smith, Chief ExecutiveGerard Murray, Finance Director Hogarth Partnership Limited 020 7357 9477Andrew JaquesBarnaby FryAnthony Arthur Notes to Editors: Northgate plc rents light commercial vehicles and sells a range of fleetproducts to businesses via a network of hire companies. Their NORFLEX productgives businesses access to a flexible method to acquire as many commercialvehicles as they require. Further information regarding Northgate plc can be found on the Company'swebsite: http://www.northgateplc.com This information is provided by RNS The company news service from the London Stock Exchange