BUZZ-UK's Pinewood Technologies at nearly 18-year high on buying Lithia's stake in North America JV

Reuters

06/06

** British automotive service provider Pinewood Technologies PINE.L jumps 15.5% at 461.2p, highest since August 2007

** Co's customer facing brand, Pinewood.AI, buys 51% stake in Pinewood North America LLC from Lithia UK Holdings, a unit of Lithia Motors LAD.N

** Deal valued at $76.5 mln, to be settled through issue of 14.6 mln new ordinary shares at 386.5p each

** Agreement values joint venture at $150 mln

** PINE gains 11.28% this year, as of last close

(Reporting by Ankita Bora in Bengaluru)

((Ankita.Bora@thomsonreuters.com))

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