ATLANTA (AP) -- Genuine Parts Co., an auto and industrial parts distributor, said Monday that it has agreed to buy the remaining 70 percent stake in Exego Group for about $800 million, boosting its presence in Australia.
Atlanta-based Genuine Parts bought a 30 percent stake in Exego, an aftermarket distributor of automotive replacement parts and accessories, last year and had an option to buy the rest of the company.
The deal price includes the assumption of certain debt, Genuine Parts said.
Genuine Parts said it expects to finance the rest of the purchase using a combination of cash and debt. The deal is expected to close April 1.
The Australia-based company was founded in 1922 and posts annual revenue of more than $1 billion. It operates more than 430 company-owned stores across Australia and New Zealand.
Genuine Parts shares rose 48 cents to $74.41 in morning trading. Its shares have traded in a 52-week range of $55.58 to $74.72.