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Wesfarmers Limited (ASX:Wes) announced that it has agreed to sell its Kmart Tyre & Auto Service (“KTAS”) business to Continental AG for $350 million.
KTAS is one of Australia’s largest tyre, automotive service and repair retailers with 258 stores across Australia with over 1,200 employees.
Continental AG is a leading global tyre company based in Germany. Its five divisions in 2017 generated sales of €44 billion and its currently employs more than 243,000 people in 60 countries. Continental’s Tyre division is a technology leader in tyre production and offers a broad product range for passenger cars, commercial vehicles and two-wheelers.
Following satisfaction of various conditions precedent, including approvals from the Australian Competition and Consumer Commission and the Foreign Investment Review Board, the transaction completed on 1 November 2018.
Record Point acted as the exclusive financial advisor to Wesfarmers.