SIME Darby Bhd has successfully completed its acquisition of the business assets and properties of three luxury car dealerships in Sydney, Australia for A$112 mil, or approximately RM321 mil.
This acquisition, which was announced on Sept 11, involves wholly-owned subsidiaries of Sime Darby’s wholly-owned subsidiary, Sime Darby Motors Sdn Bhd, and Trivett, the automotive retail unit of Inchcape Australia Ltd.
The acquisition of the three dealerships represent the BMW, MINI, Volkswagen, Jaguar, and Land Rover marques.
“The proposed acquisition is aligned to Sime Darby Motors’ strategy of expanding in the Australian retail luxury segment, and will strengthen Sime Darby Motors’ presence and brand visibility in Parramatta, which is one of Sydney’s most recognised automotive retail locations,” notes the group in its rationale for the acquisition.
The consideration was funded by external borrowings, and includes all properties, business assets and liabilities that are necessary to operate the car dealerships.