Report: Itochu Buys Kwik-Fit for £637 million

2nd March 2011 | 0 Comments
 
Report: Itochu Buys Kwik-Fit for £637 million

Kwik-Fit has reportedly been sold to the Japanese conglomerate that owns Stapleton’s, Itochu Corporation. According to a City AM report, the deal follows the signing of a three digit million pound deal yesterday (1 March 2011). The article suggests Kwik-fit’s former owner, private equity firm PAI Partners” has “cashed out” of its six-year ownership of the chain for “£637 million, which includes net debts of £457 million.” A Kwik-Fit spokesman refused to confirm or deny the reports when Tyres & Accessories asked for confirmation of the news. Either way, the reports suggest the deal is still subject to regulatory approval.

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Category: News, UK News

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