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.