Advance Auto to buy General Parts
Advance Auto Parts Inc. said Wednesday it is buying General Parts International Inc. for $2.04 billion in cash, which the companies say will build the biggest automotive replacement parts provider in North America.
As part of the transaction targeted to close by late 2013 or early 2014, Advance Auto will get 1,246 company-operated stores and 1,418 independently owned Carquest locations. Its shares soared more than 16 percent on the announcement.
Advance Auto CEO Darren Jackson said the transaction provides a “compelling strategic opportunity” to expand the company's geographic presence.
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