Motor retailer Lookers, which owns Charles Hurst Group, is set to be acquired by Alpha Auto Group (AAG), a privately owned car dealership chain based out of Ontario, Canada.
Lookers said on Tuesday that its board and major shareholders had agreed to a takeover bid of just over £465 million.
AAG will buy Lookers through its Global Auto Holdings Limited, which is owned by Alpha’s founder and referred to as Bidco in the stock exchange filing.
Speaking earlier this week, Mark Raban, chief Executive Officer of Lookers, said: “Today’s offer reflects the transformational progress that has been made in recent years.
“We have harnessed our strong market position, enhanced our brand relationships, and executed well against our six strategic priorities.
“I am excited about the combination with Bidco. It will create a business of greater scale, and bring together two successful businesses with complementary OEM relationships, and a strong platform to support future growth in the UK.”