Advance Auto Parts to buy General Parts in $2.04 billion deal

Advance Auto Parts Inc said it would buy General Parts International Inc in a deal that values the closely held company at $2.04 billion, creating the largest automotive after-market parts provider in North America.

The combination of Advance Auto Parts and General Parts would create a company with $9.2 billion in annual sales, just above those of the current biggest player, AutoZone Inc . AutoZone reported adjusted sales of about $9.0 billion for the year ended August 31.

Advance Auto sells products such as batteries, air fresheners and engine parts across 4,000 locations to individuals and commercial buyers.

General Parts operates under the Carquest and Worldpac brands.

(Reporting by Sakthi Prasad, Neha Dimri and Sagarika Jaisinghani in Bangalore; Editing by Supriya Kurane and Sriraj Kalluvila)