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Genuine Parts Co.

Genuine Parts to Buy Rest of Exego Group for $800Mln

Genuine Parts Co. (GPC) agreed to buy the 70% stake of the Australia-based automotive aftermarket-parts supplier Exego Group it doesn't already own for $800 million, including the assumption of certain debt.In January 2012, Genuine Parts paid roughly $150 million for a 30% stake in Exego, and held the option to acquire the remaining shares if Exego met certain earnings thresholds."The Exego team exceeded our expectations for meeting the growth and earnings thresholds outlined in our original agreement, thus, we were presented with the opportunity to move forward with our investment earlier than expected," said Genuine Parts Chairman and Chief Executive Tom Gallagher.The company expects to close the latest deal on April 1.Genuine Parts plans to discuss the acquisition and provide updated 2013 guidance during a conference call scheduled for Monday at 1 p.m. EDT.The operator of the NAPA auto-parts chain has continued to post sales growth as uneven economic recovery caused more people to k...

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