Metcash considers IPO of auto division

metcashMetcash Limited has appointed Citi to advise on a strategic review and potential IPO of its Automotive business.

The Metcash Automotive network includes several leading automotive franchise systems, namely Autobarn, Autopro, ABS, and Midas. In addition, the business includes a leading automotive aftermarket parts and accessories wholesale operation.

The Metcash Automotive Division generated revenue of around $250 million in the year ended April 30, 2015.

An IPO of the Automotive business would create a separate ASX listing and allow Metcash to invest the proceeds in both its balance sheet and its core businesses.

A further update will be provided at Metcash’s FY15 full year results announcement on June 15, 2015. Metcash cautions investors that there is no certainty a transaction will result from the strategic review.

 

 

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