LKQ Corp. said it closed the acquisition of STAHLGRUBER GmbH, a wholesale distributor of aftermarket auto parts.
The European commission approved the transaction May 4, excluding Stahlgruhber's Czech business. That unit may be acquired later by LKQ if the Czech Republic's competition authority approves.
"Combining the leading player in Germany with LKQ is a huge step towards our goal of creating a Pan-European auto parts distributor. We are confident that the combination will create significant benefits for our customers, employees and stockholders," said John S. Quinn, CEO and managing director of LKQ Europe.
LKQ recently offered €1 billion in notes to finance the acquisition of Stahlgruber from Stahlgruber Otto Gruber AG. The deal was announced in December 2017 and valued at approximately €1.5 billion.
