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RICHMOND, Va. — Advance Auto Parts said Wednesday it is buying General Parts International Inc. for $2.04 billion in cash, which the companies say will create the biggest automotive replacement parts provider in North America.
As part of the transaction targeted to close by late 2013 or early 2014, Advance Auto will get 1,246 company operated stores and 1,418 independently owned Carquest locations. Its shares soared in premarket trading.
The Roanoke, Va., seller of auto parts and batteries currently operates more than 4,015 stores in the U.S., Puerto Rico and the Virgin Islands. General Parts is a privately held distributor and supplier of original equipment and aftermarket replacement products for commercial markets operating under the Carquest and Worldpac brands. The combined company will be based in Roanoke, Va., and continue to have a presence in Raleigh, N.C.
RICHMOND, Va. — Advance Auto Parts said Wednesday it is buying General Parts International Inc. for $2.04 billion in cash, which the companies say will create the biggest automotive replacement parts provider in North America.
As part of the transaction targeted to close by late 2013 or early 2014, Advance Auto will get 1,246 company operated stores and 1,418 independently owned Carquest locations. Its shares soared in premarket trading.
The Roanoke, Va., seller of auto parts and batteries currently operates more than 4,015 stores in the U.S., Puerto Rico and the Virgin Islands. General Parts is a privately held distributor and supplier of original equipment and aftermarket replacement products for commercial markets operating under the Carquest and Worldpac brands. The combined company will be based in Roanoke, Va., and continue to have a presence in Raleigh, N.C.
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