Uni-Select Inc. entered an agreement to sell the assets of Uni-Select USA Inc. and Beck/Arnley Worldparts Inc. to Icahn Enterprises L.P. The companies agreed to a purchase price of $340 million, subject to the tangible book value of assets sold at closing.
The agreement includes the sale of 39 distribution centers and satellite locations, 240 corporate stores and a total of 2,960 teammates. FinishMaster, Uni-Select’s automotive paint distribution activities, as well as its Canadian automotive parts and paint distribution business unit, are not subject to the transaction, the company said.
Uni-Select has also entered into a transition agreement with Icahn Enterprises to ensure an orderly and smooth transition for employees, customers and suppliers upon closing of the transaction.
The transaction is expected to close during the first half of 2015 and is subject to customary closing conditions, including obtaining regulatory approvals.
