AP Eagers (ASX:APE) completes Kloster Motor Group sale

Company News

by Katrina Bullock

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.

Katrina Bullock

Finance News Network
Katrina joined FNN in 2018. She holds a Bachelor of Laws (Honours first class), a Bachelor of Business (Distinction) and is currently undertaking a PhD in Law focused on stock exchange disclosures and corporate governance. She previously worked as a corporate lawyer in an Australian top tier commercial law firm and is currently the General Counsel for Greenpeace Australia Pacific.