Gothenburg, Sweden, 2014-01-20 10:30 CET (GLOBE NEWSWIRE) --
An agreement has been reached today with Toyota Sweden Holding AB on the acquisition of Toyota's dealerships in Malmö, Trelleborg and Lund. The date of possession will be 1 March 2014, and the agreement is conditional on approval by the Swedish Competition Authority. The purchase consideration for the assets of the business, reduced by operating liabilities, amounts to about SEK 48 M, while the purchase consideration, including redemption of loans, for the company that owns the commercial properties housing the business amounts to SEK 61 M.
The business generates an annual turnover of about SEK 350 M a year, with an average operating margin of 1.1 per cent. The deal is expected to give rise to synergies valued at about SEK 3 M per year, with full effect from 2015. The business has 81 employees and will continue to be operated from the present-day facilities.
Bilia’s Managing Director Per Avander comments:
”It is very positive that Toyota, one of the world's most successful automakers, have chosen to work together with Bilia. During the past year we have proved that we can run dealerships efficiently while maintaining brand separation. We look forward to developing the business in the Malmö region and growing together with Toyota.”
Toyota's Managing Director in Sweden, André Schmidt, comments:
”We welcome Bilia to our dealership organization as a partner who shares our commitment to a strong customer focus. This is a very positive development for our customers and our dealerships in Malmö, Trelleborg and Lund.”
Gothenburg, 20 January 2014
Bilia AB (publ)
For further information, please contact Per Avander, Managing Director and CEO, or Gunnar Blomkvist, CFO, Bilia AB, Tel. +46 31 709 55 00.
