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BRIEF-Suncorp Group Signs Agreement To Sell Capital S.M.A.R.T And ACM Parts To AMA Group

Published 01/10/2019, 08:58 am
Updated 01/10/2019, 09:00 am
© Reuters.  BRIEF-Suncorp Group Signs Agreement To Sell Capital S.M.A.R.T And ACM Parts To AMA Group

Oct 1 (Reuters) - Suncorp Group Ltd SUN.AX :

* ANNOUNCES BINDING AGREEMENT TO SELL CAPITAL S.M.A.R.T AND ACM PARTS

* SALE OF CAPITAL S.M.A.R.T TO AMA VALUING 100% OF THE BUSINESS AT $420M

* CO TO RETAIN A 10% STAKE IN CAPITAL S.M.A.R.T AND A SUBSIDIARY BOARD SEAT

* AFTER-TAX PROFIT ON SALE IS EXPECTED TO BE IN RANGE OF $275-$295 MILLION

* SALE CONSIDERATION WILL BE IN THE FORM OF UPFRONT CASH PROCEEDS AND THE RETENTION OF A 10% INTEREST IN BUSINESS

* SUNCORP ANNOUNCING SALE OF ACM PARTS PTY LTD TO AMA FOR CASH CONSIDERATION OF $20 MILLION

* UNDER TERMS OF THE TRANSACTION, SUNCORP WILL CONTINUE TO USE ITS EXISTING VALUED NETWORK OF SMASH REPAIR PARTNERS.

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