Advance Auto shares up on reports of plans to sell

Shares of Advance Auto rise on reports that it's hired Blackstone to help with possible sale

Associated Press

NEW YORK (AP) -- Shares of Advance Auto Parts Inc. soared Thursday on media reports that the company has hired private equity firm Blackstone to facilitate a sale of the company.

THE SPARK: Citing anonymous sources, CNBC reported that the Roanoke, Va.-based auto parts retailer had hired Blackstone Group LP and that at least three private equity firms were exploring possible bids for the company.

THE BIG PICTURE: New York-based Blackstone buys stakes in companies, invests in real estate and lends to other investors.

A spokeswoman for Advance Auto did not answer her phone Thursday afternoon, and an email seeking comment was not immediately returned.

THE SHARES: Up $8.21, or 11.6 percent, to $79.15 in afternoon trading, after peaking at $84 earlier in the session. Over the past 52 weeks, the stock has traded between $60.87 and $93.08.

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