Bapcor sells NZ’s TBS Group

Company News

by Rachael Jones

Bapcor (ASX:BAP) has signed an agreement for the sale of its New Zealand based business TBS group.

TBS is a specialist industrial contractor in asset and infrastructure maintenance services.

The sale cost NZ$35 million on a cash free debt free basis.

The sale concluded the divestment program of assets as discontinued operations relating to the Hellaby Footwear and Contract resources in the first half of this year that are now fully finalised.

The total sale of discontinued operations is NZ$99 million.

Bapcor is Australiasia’s premier provider of automotive accessories and parts.

Shares in Bapcor (ASX:BAP) closed up 0.36 per cent to $5.60 yesterday.
 

Rachael Jones

Finance News Network
Rachael comes to FNN after working for Fairfax Media covering international breaking news, including the global economy and politics. She joined FNN in February 2018. She has reported on Australia’s finance news for various organisations since 2000 and has also interviewed a number of key business players, including Bill Gates. Rachael has also worked across a number of countries, including the UK and the US.