Genuine Parts Co. said Tuesday it has purchased a remaining 70 percent stake in an Australian aftermarket automotive parts distributor for $810 million.
Genuine Parts acquired a 30 percent stake in Melbourne-based Exego Group on Jan. 1. The company distributes automotive replacement parts and accessories in Australia and New Zealand. Exego has more than 430 locations and annual revenues of more than $1 billion.
Atlanta-based Genuine Parts, which had revenues of $13 billion last year, distributes automotive replacement parts in the U.S., Canada and Mexico.
The company said it purchased Exego with about $650 million in cash and the assumption of about $160 million in debt.
Genuine Parts also said it will release first-quarter earnings April 19.
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