Itochu officially completes Kwik Fit Group purchase
Itochu has just announced that it has officially completed the acquisition of the Kwik Fit Group for £637 million. While details of the purchase have been in the press and a popular part of market discussion for some time, up till now the deal had been subject to regulatory approval. However, with the issue of today’s statement Itochu can now say it has officially purchased the UK’s market leading automotive repair company from PAI Partners, which had owned the group since August 2005. The business received EC approval for the purchase back in May.