The acquisition of Jardine by Lithia Motors, whose market capitalization on the New York Stock Exchange exceeds $6 billion. According to one source, the cost would be between 300 and 400 million pounds. The storied Hong Kong-based conglomerate Jardine Matheson Holdings will sell Jardine Motors as part of the deal.
Assets held by Jardine Matheson include Hong Kong Land and the Mandarin Oriental hotel chain. The takeover will give Lithia a significant traction in the UK, with admittance to extravagance vehicle brands including Ferrari and Maserati. According to reports, Lithia is committed to utilizing the Jardine Motors business as a growth platform.
Pendragon recently ended talks about a takeover by its largest shareholder, so this would be the latest attempt at a deal in the industry. Last year, Lithia attempted to acquire Pendragon as well. Lookers is one of the sector’s other major players, and major online competitors like Cazoo have been hurt by the global sell-off in technology stocks.
Jardine Matheson purchased Jardine Motors in the early 1990s as a single East Anglia dealership. According to its website, it employs approximately 2,700 people at 50 locations across the UK.
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