LKQ hints at planned GSF sale date

LKQ Corporation’s Q1 results report has provided some detail of when it would like to have the divestment of GSF completed by.

As previously reported, LKQ has signed a deal to acquire Uni-Select, which is a large Canada-based parts distributor, and the parent company of GSF in the UK. All parties involved know that market regulators will require GSF to be sold before the deal can be finalised.

READ: GSF to be divested following LKQ acquisition

LKQ notes in the results report: ‘The Company intends to divest Uni-Select’s GSF Car Parts segment on or shortly after the acquisition closing date, which the Company expects to occur during the second half of this year after receiving the required approvals to close the acquisition and the satisfaction of other customary closing conditions’.

GSF branch

READ:  Sukhbir comments on LKQ/Uni Select deal

There was nothing to suggest in the report whether or not a suitor for GSF has been found and the intended divestment was noted as a ‘forward looking statement’.

Other highlights in the results show that parts and services have enjoyed organic revenue growth of 7.9% over the reporting period and total revenue is $3.3bn. A dividend of $0.275 per share approved to be paid in the second quarter of 2023

Published by Greg Whitaker

Editor of CAT Magazine and an experienced motoring journalist @GregWhitaker5

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