Autosports Group Expands Victorian Footprint with $32.8m Barry Bourke Motors Dealership Acquisition

Autosports Group Ltd ( (AU:ASG) ) has issued an update.

Autosports Group Limited has completed the acquisition of the business and assets of ten Barry Bourke Motors dealerships in Victoria through its wholly owned subsidiary Autosports Castle Hill Pty Ltd, in a deal valued at approximately $32.8 million. The portfolio includes Audi, Volvo Cars, Jaguar Land Rover, Geely, GMSV, LDV, Peugeot, Renault and Suzuki dealerships in Berwick, plus a Jaguar Land Rover dealership in Doncaster, with $14 million of the purchase price satisfied in Autosports Group shares and the remaining cash component funded via existing debt facilities, reinforcing the company’s expansion in the Victorian prestige and mainstream automotive market and further consolidating its position as a major player in Australia’s luxury and prestige automotive retail sector.

The most recent analyst rating on (AU:ASG) stock is a Buy with a A$4.85 price target. To see the full list of analyst forecasts on Autosports Group Ltd stock, see the AU:ASG Stock Forecast page.

More about Autosports Group Ltd

Autosports Group Limited (ASX: ASG) is Australia’s only ASX-listed specialist prestige and luxury automotive retailer, operating more than 75 businesses across major metropolitan markets in Sydney, Melbourne, Canberra, Brisbane, the Gold Coast and Auckland, New Zealand. Since its founding in 2006 as a single luxury dealership in Sydney, the group has expanded into a diversified network representing leading luxury and prestige brands, offering new and used vehicle and motorcycle dealerships, used vehicle outlets and specialist collision repair facilities, alongside finance, insurance, aftermarket products, parts, servicing and repair services.

Average Trading Volume: 365,370

Technical Sentiment Signal: Buy

Current Market Cap: A$790.5M

For detailed information about ASG stock, go to TipRanks’ Stock Analysis page.