Ontario-based Alpha Auto Group, which has a broader presence in Canada and the United States, will reportedly pay a little more than 465 million pounds (around CA$779.22 million) in cash to buy Lookers — a group in the United Kingdom with a large network.
That is according to a number of media outlets, including Reuters, Sky News, and Yahoo Finance. The move represents a significant step for Alpha Auto Group and the auto retail world, as the company stretches past North America to expand into the U.K. with a vast dealer network soon to be owned by Alpha Auto Group.
In citing a One City source, Yahoo Finance said the deal may be announced on Tuesday. “The takeover of Lookers, which is expected to value it at approximately 120p-a-share, will be pitched at a substantial premium to its closing price on Monday of 88.7p,” said the media outlet. “It is understood that the bidding vehicle is called Global Auto Holdings Limited.”
Alpha Auto Group’s brands include BMW, Chrysler, Ford, Honda, Hyundai, Kia, Mercedes Benz and Volkswagen, among others. Lookers has a long list, which includes some of the same brands — and Aston Martin, Bentley, BYD, Citroen, Peugeot, Renault, Skoda, Vauxhall, and more.
More information will likely be available as early as next week.