Car retailer Inchcape has announced its acquisition of an initial 75.1% shareholding in Musa Motors Group a top ten car retailer in Russia and a top three retailer of premium brands there.
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UK-based Inchcape is aggressively expanding operations in emerging markets, including Russia.
Musa’s portfolio includes BMW, MINI, Jaguar, Land Rover, Volvo, Chrysler, Jeep, Dodge, Rolls-Royce and Renault. The initial consideration is USD200.0m for 75.1%, with additional potential consideration payable based on Musa Motors performance in 2008.
Inchcape said the transaction will significantly increase the scale of Inchcape’s Russian operations.
Musa Motors is headquartered in Moscow and has operated in Russia since 1992. During 2007, Musa Motors sold 13,281 cars. In the first quarter of 2008, Musa Motors sold 3,222 cars, a 52.8% increase over the same period in 2007.
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