AP Eagers (ASX:APE) completed its sale of the Kloster Motor Group business to the Tony White Group yesterday.
The sale of the business satisfies the undertaking AP Eagers gave to the Australian Competition and Consumer Commission in order to secure regulatory approval for its merger with Automotive Holdings Group.
AP Eagers purchased Kloster Motor Group back in 2007.
The sale generated an expected profit before tax of approximately $20 million.
Shares in AP Eagers (ASX:APE) are trading 0.9 per cent lower at $12.13.