Advance Auto Parts (AAP) has hired Blackstone (BX) to explore a sale of the company, though the process is in the early stages, according CNBC's David Faber, citing sources. Faber said that Advance has a $5.2B market capitalization but a deal would be expected to come in at a premium, with an expected price over $6B. The Fly notes that shares of Advance jumped following the initial broadcast of Faber's report and remain up about 14% late in the trading session. Shares of peers O'Reilly Automotive (ORLY) and AutoZone (AZO) initially jumped as well, but have given back much of the gains seen immediately after the initial report.
- Investment & Company Information
- Advance Auto Parts
- David Faber