ARB's US Associate Agrees to Acquire 4 Wheels Parts for $30 Million
MT Newswires Live
Sep 09, 2024
ARB's (ASX:ARB) US-based associate ORW USA entered a conditional asset purchase agreement to acquire 4 Wheels Parts (4WP) from Hoonigan for around $30 million, according to a Monday filing to the Australian bourse.
4WP operates 42 retail stores and associated e-comm sites selling 4x4 accessories in the US, the filing stated.
The agreement is subject to court approval in conjunction with Hoonigan's court-supervised reorganization in the US and, should the acquisition proceed, ARB will increase its shareholding in ORW to 50% from 30%, according to the filing.
ARB will separately acquire the Poison Spyder brand for $1 million, subject to the same court approval, the filing stated.
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