Musa Motors owner Boris Teterev said that Inchcape would help the dealership sell new makes.
Photo: Valery Levitin
| Other Photos |
 |
|
 |
British Buy into Russian Car Dealership
Inchcape Plc, Great Britain's largest car dealer, announced yesterday that it would acquire 75.1 percent of shares in the Russian Musa Motors dealership by the end of the year for about $450 million. It will also receive an option to buy the remaining shares in Musa for $250 million by the end of 2010. Musa Motors, which has 21 car sales centers in Russia, will receive a new general director, Martin Taylor. Musa Motors owner Boris Teterev has confirmed that information about the deal. Competing dealers say the British paid well above market price for Musa.
Inchcape is Britain's oldest and largest auto dealer. It is active in Australia, Belgium, Greece, Hong Kong and Singapore as well. Its turnover in 2006 was $9.75 billion. Its capitalization on the LSE as April 24 was $3.56 billion. Inchcape already owns several dealerships in Russia. In July 2006, the holding bought 75.1 percent in the Aksel Kar group (Toyota and Lexus dealers) for $72 million. In October 2007, it acquired OOO Konkord (Peugeot) and OOO Orgtekhstroi (Audi) for $43 million. In 2006, Inchcape and GK Nezavisimost formed a joint venture two build two Toyota and Lexus sales centers. Inchcape owns 51 percent of the venture and has an option to buy the remaining 49 percent before the end of the year.
Musa Motors was founded by Teterev in 1992. The holding includes Musa Motors (official dealer of Volvo, Land Rover, Jaguar, Chrysler, Jeep, Dodge and Renault), TC Motors (exclusive importer of Chrysler & Jeep to Latvia), Borishof (official BMW and Mini dealer) and Rolls-Royce Motor Cars Moscow (exclusive Rolls Royce dealer in Russia). The group's turnover in 2007 was $597.4 million on sales of 13,281 cars. Teterev told Kommersant yesterday that his new partner would invest $250 million in the group to open new sales and logistics centers.
www.kommersant.com
All the Article in Russian as of Apr. 25, 2008
|
|
|
