- Genuine Parts (NYSE:GPC +0.5%) has entered into a definitive agreement to acquire the remaining 65% stake of Inenco Group, headquartered in Sydney, Australia. Genuine Parts had previously purchased a 35% stake in Inenco on April 3, 2017.
- Company expects to finance the balance of the purchase price using a combination of cash and borrowings.
- Inenco Group, is one of Australasia's leading industrial distributors of key product categories such as bearings, power transmission and seals. It generates estimated annual revenues of ~$400M.
- The acquisition is expected to close on July 1, 2019.