Metair seals AutoZone deal as part of its rescue plan

JSE-listed Metair has completed the acquisition of Autozone, having received all the necessary approvals from the relevant authorities and lenders, the group announced.

The group's share price traded at R10.85 in early morning trade - 0.28% lower than last Friday.

Moneyweb reported earlier that Metair would buy the distressed AutoZone as part of Autozone's business rescue plan.

The transaction, effective from 13 December, includes a nominal consideration for the shares and at a total of R278.5 million.

Of this amount, R188.5 million is payable to Absa to settle the bank's secured claim, R15 million to settle pre-commencement unsecured creditors and R75 million to fund AutoZone's working capital requirements.

The group, an international manufacturer, distributor and retailer of automotive components and energy storage solutions, also provided an update on the disposal of its Turkish operations - the Mutlu Group.

Sale of Mutlu Akü

Metair announced on 17 September its intention to dispose of its entire shareholding in Metair Türkiye for R1.95 billion.