LKQ Corporation Agrees to Sell OEM Glass Manufacturing Business
LKQ Corporation (NASDAQ: LKQ) is back at the table of Mergers & Acquisitions for a second time within a month, but this time on a sell-side mission. Last month, LKQ announced their plans to acquire an equity interest in Mekonomen Group, a leading car parts and service chain (please click here for our previous M&A update which explained LKQ’s first announcement). Recently this month however, LKQ announced their plans to sell their OEM Glass Manufacturing Business to Vitro SAB (BMV: VITROA), a leading glass manufacturer based in Mexico. Vitro, founded in 1909 in Monterrey, Mexico, offers quality products and reliable services to meet the needs of their two businesses: glass containers and flat glass. The Company is also a supplier of chemical products and raw material, machinery, molds, and equipment for industrial use. The sell transaction between LKQ and Vitro is valued at $310 million, in which the companies entered into a multi-year supply agreement pursuant to which LKQ’s ongoing aftermarket glass distribution business will purchase a specified amount of its automotive glass from Vitro at specified prices. The transaction is expected to close in the first quarter of 2017.
Read the full press release at http://www.lkqcorp.com
Below are highlights of additional Merger and Acquisition activity from the last week:
Information Technology M&A News: ManTech acquires Edaptive Systems, a leading provider of innovative IT solutions primarily to federal health agencies. ManTech funded the acquisition with cash on hand.
Read more at http://www.mantech.com
Home Health Care M&A News: One of Amedisys subsidiaries, Associated Home Care announced a definitive agreement to acquire Home Staff, LLC. Home Staff is a personal care provider with over 502 employees that deliver care to 3,500 clients per year.
Read more at http://www.amedisys.com
Biopharmaceutical M&A News: Repligen Corporation, a life sciences company focused on bioprocessing technology, recently announced that it acquired TangenX Technology Corporation (“TangenX”). The transaction is valued at $39 million.
Read more at https://www.repligen.com
