LKQ Corporation (LKQ) to Take Minority Stake in Mekonomen AB
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LKQ Corporation (Nasdaq: LKQ) announced that it has entered into an agreement to acquire an equity interest in Mekonomen AB from Axel Johnson AB. Headquartered in Stockholm, Sweden, Mekonomen Group is the leading independent car parts and service chain in the Nordic region of Europe, offering a wide range of quality products including spare parts and accessories for cars, and workshop services for consumers and businesses.
“Our strategic investment in Mekonomen Group allows us to obtain a significant interest in a leading company with a strong brand and a diverse operating model. This transaction is a natural extension of our goal to becoming the preeminent pan-European distributor of aftermarket automotive parts and accessories,” stated Robert L. Wagman, President and Chief Executive Officer of LKQ Corporation.
Under the terms of the definitive agreement, LKQ will acquire a 26.5% equity interest in Mekonomen AB from AXJ, and the transaction is expected to close in early December. LKQ intends to nominate two representatives for election to Mekonomen AB’s board of directors to replace AXJ’s two representatives.
“Mekonomen Group has an excellent reputation in the market for customer service and innovation and we have great respect for the quality of its operations and management. Mekonomen Group will remain independent of LKQ’s existing European operations; however, we look forward to exploring, together with Mekonomen Group’s management, areas where the companies could work together in a mutually beneficial manner,” stated John S. Quinn, Chief Executive Officer and Managing Director of LKQ Europe.
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