U.K. regulator reviewing plan to address concerns with Uni-Select-LKQ deal
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Hey there, time traveller!
This article was published 21/07/2023 (1181 days ago), so information in it may no longer be current.
MONTREAL – The competition regulator in Britain has raised concerns about LKQ Corp.’s agreement to buy Canadian company Uni-Select Inc. and is reviewing a plan put forth by the companies to address its issues.
The Competition and Markets Authority says its investigation found that the merger could reduce competition in the supply of car parts, as well as garage equipment, to independent garages and workshops in 145 local areas and the supply of car parts to national and multi-regional customers.
It says it will now consider a proposal put forward by LKQ and Uni-Select, which the companies believe could address the regulator’s concerns, before deciding on the next step.
U.S. company LKQ announced a deal in February to buy Quebec-based Uni-Select in a roughly $2.8-billion agreement.
In connection with the acquisition, LKQ said at the time that it would undertake a process to sell GSF Car Parts U.K., Uni-Select’s U.K. based mechanical parts distribution business.
LKQ, through Euro Car Parts Ltd., operates 248 stores and two distribution sites in the United Kingdom, while Uni-Select, through GSF Car Parts, operates 179 stores and two distribution sites in the country.
This report by The Canadian Press was first published July 21, 2023.
Companies in this story: (TSX:UNS)