CHICAGO, Jan. 08, 2020 (GLOBE NEWSWIRE) -- LKQ Corporation (LKQ) today announced the execution of a definitive agreement to sell its equity interests in two Czech wholesale automotive parts distributors to Swiss Automotive Group AG. Terms of the transaction were not disclosed.
In May 2018, the European Commission cleared LKQ’s acquisition of STAHLGRUBER GmbH, with the exception of Stahlgruber’s two wholesale businesses in the Czech Republic, which were referred for review to the Czech Competition Authority. Earlier this year, the Czech Competition Authority approved LKQ’s acquisition of the two Czech distributors, subject to certain divestiture conditions. LKQ subsequently decided to sell the entire equity interests of the two businesses. LKQ Europe will continue to operate its existing Auto Kelly a.s. and ELIT s.r.o. businesses in the Czech Republic.
Dominick Zarcone, President and Chief Executive Officer of LKQ, stated, “We appreciate the efforts of local management to build a successful business in the Czech Republic, and we are proud that we have found an outstanding new owner for it.”
LKQ expects to complete the sale in early 2020, subject to required regulatory approvals.
About LKQ Corporation
LKQ Corporation (www.lkqcorp.com) is a leading provider of alternative and specialty parts to repair and accessorize automobiles and other vehicles. LKQ has operations in North America, Europe and Taiwan. LKQ offers its customers a broad range of replacement systems, components, equipment and parts to repair and accessorize automobiles, trucks, and recreational and performance vehicles.
About LKQ Europe
LKQ European Holdings, B.V., a subsidiary of LKQ Corporation, is the leading distributor of automotive aftermarket parts for cars, commercial vans and industrial vehicles in Europe. It currently employs more than 27,000 people in 21 European countries, serving 700,000 customers through its network of 1,100 branches.
The group is represented by Euro Car Parts Limited, Fource Holding B.V., LKQ Italia S.r.l., Elit Group Ltd., Auto Kelly a.s., Stahlgruber GmbH, as well as recycling specialist, Atracco Group AB. LKQ also holds a minority interest in Mekonomen AB.
About SAG Group
With an annual turnover of over CHF 900 million, the SAG Group is one of the largest providers in the independent automotive spare parts sector in Europe. With a range of over 800,000 catalogue- and 370,000 warehouse items, SAG is the market leader for car and commercial vehicle spare parts in Switzerland and Romania, the number three in Austria and with a good market presence in Belgium, Germany, Italy, Portugal, Slovakia, Slovenia, Spain and Hungary. SAG employs over 3,200 people.