Inchcape To Acquire Baltic Motors, SIA BM Auto From MVC Capital ...
6/11/2007 5:55:37 AM Monday, automotive retailer Inchcape Plc (INCH.L) announced that it has signed a GBP 60.5 million cash deal to buy Baltic Motors Corp. and SIA BM Auto or Baltic Motors' from MVC Capital, Inc.
Baltic Motors, with main business in the Latvian capital, Riga, is presently operating as Inchcape's third party Land Rover retailer. With additional dealerships in regional cities of Liepaja and Ventspils, the company also retails BMW and Ford. Inchcape noted that subsequent to the acquisition the company would have a key position in Latvia markets with distribution and retail of Ford, Land Rover, Jaguar and Mazda and retail of BMW.
Commenting on the acquisition, Andre Lacroix, Group Chief Executive of Inchcape, said, We are very pleased with this further implementation of our strategy to expand in the emerging markets.
