TribLIVE

| Business


 
Larger text Larger text Smaller text Smaller text | Order Photo Reprints

Advance Auto to buy General Parts

By The Associated Press
Thursday, Oct. 17, 2013, 12:01 a.m.
 

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.

 

 
 


Show commenting policy

Most-Read Business Headlines

  1. Regulators release details of Highmark’s post-UPMC transition plan
  2. Norwegian sails into luxury with Prestige purchase
  3. Roundup: Area drivers pay less for gasoline; Study to look at financial impact of gas boom; more
  4. More pipelines proposed to carry Marcellus gas to southeast markets
  5. Halliburton’s $1.1B oil spill settlement may help company avoid billions in payouts
  6. Google’s corporate products division changes name
  7. Fittingly, a party ushers out Revel
  8. McDonald’s to watch Chinese suppliers
  9. Smaller companies outperform multinationals on U.S. strength over eurozone
  10. Netflix offers new way to share recommendations
  11. Foreign firms feel more unwelcome under China regulations
Subscribe today! Click here for our subscription offers.