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Australia's AP Eagers to sell dealership unit to Tony White Group for A$106.9M

Australian motor-vehicle dealer AP Eagers Ltd. said Sept. 10 that it agreed to sell PPT Investments Pty. Ltd., which does business as Kloster Motor Group, and related freehold properties to Tony White Group for total proceeds of A$106.9 million.

Under the deal, Brisbane-based and family-owned Tony White will acquire Kloster Motor Group, or KMG, for A$54 million and associated properties in Newcastle and Hunter Valley region in New South Wales for A$52.9 million.

The transactions are expected to close in early November, subject to customary conditions and approval by manufacturers.

KMG was acquired by AP Eagers in 2007. It employs 410 people and generates nearly A$420 million in annual revenue by selling vehicles from brands including Bayerische Motoren Werke AG, Ford Motor Co., Honda Motor Co. Ltd., Hyundai Motor Co., Mitsubishi Motors Corp., Nissan Motor Co. Ltd., Suzuki Motor Corp. and Volkswagen AG.

AP Eagers first announced the sale of KMG in July in a bid to secure the approval of the Australian Competition and Consumer Commission for the company's proposed merger with Automotive Holdings Group Ltd.