Automotive parts and accessories provider Bapcor (ASX:BAP)
has today announced the acquisition of 25 per cent of total shares in Tye Soon (SGX:BFU) for $12 million.
The Singapore-domiciled parts distributor currently possesses 20 branches in South Korea and Australia and a distribution network of 18 sites in South East Asia. The company’s gross annual revenue is estimated at $192 million. Bapcor’s purchase of a significant stake in Tye Soon will pave the way for further collaboration as the two sides aim to complement each other with their respective strengths in auto parts and access to markets.
Shares in Bapcor (ASX:BAP)
are trading 0.95 per cent higher at $7.47