Metcash Limited
(ASX:MTS) says it has sold all the share capital in Metcash Automotive Holdings to Burson Group
(ASX:BAP) for $275 million.
Metcash was planning an IPO of the Automotive business but felt the unsolicited offer from Burson was fair value.
The Metcash Automotive network includes franchise brands such as Autobarn, ABS and Midas.
Metcash made a net profit of $102.1 million for period ended 30 October 2014.
