Group 1 Makes Power Move in UK Market with Inchcape Auto Dealerships Buy Out
Written by Emily J. Thompson, Senior Investment Analyst
Updated: Apr 15 2024
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Source: Benzinga
- Acquisition Deal: Group 1 Automotive, Inc. disclosed a deal to acquire the U.K. automotive retailing business and related real estate from Inchcape PLC for around $439 million in cash.
- Financial Details: The acquisition price includes $279 million of appraised real estate value, and the Inchcape U.K. dealerships generated approximately $2.7 billion in annual revenues in 2023.
- Transaction Timeline: The transaction is expected to close in the third quarter of 2024 pending approval from the Financial Conduct Authority.
- Strategic Expansion: Group 1 sees this acquisition as an opportunity to expand its geographic footprint in England and Wales into new markets.
- Stock Market Impact: Group 1's shares closed lower by 0.42% at $269.44 following the announcement of the acquisition deal.
Analyst Views on GLRY
Wall Street analysts forecast GLRY stock price to rise over the next 12 months. According to Wall Street analysts, the average 1-year price target for GLRY is USD with a low forecast of USD and a high forecast of USD. However, analyst price targets are subjective and often lag stock prices, so investors should focus on the objective reasons behind analyst rating changes, which better reflect the company's fundamentals.
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Current: 37.950
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Current: 37.950
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About the author
Emily J. Thompson
Emily J. Thompson, a Chartered Financial Analyst (CFA) with 12 years in investment research, graduated with honors from the Wharton School. Specializing in industrial and technology stocks, she provides in-depth analysis for Intellectia’s earnings and market brief reports.
