Sime Darby acquires A$112 mln three Trivett dealerships in Sydney
KUALA LUMPUR: Sime Darby Bhd’s subsidiary, Sime Darby Motors (Australia) Pty Ltd has entered into binding agreements with an Australian automotive retailer, Trivett, to acquire the business assets and properties of three car dealerships in Parramatta, Sydney for A$112 million.
The car dealership represents the BMW, MINI, Volkswagen, Jaguar and Land Rover marques and the acquisition is expected to be completed in early December 2019.
Trivett is the automotive retail unit of Inchcape Australia Ltd.
Sime Darby Motors Australia and New Zealand managing director Patrick McKenna said the proposed investment was aligned to the company’s strategy to expand via mergers and acquisitions, targeting the retail luxury and super luxury segments, particularly in large markets like Australia.
“The addition of these dealerships to our existing Porsche Parramatta operations will expand our scale in the retail luxury business at one of Sydney’s most recognised automotive retail locations,” he said in a statement yesterday.
Following close on the heels of Sime Darby’s announcement on the purchase of the transTasman Gough Group, McKenna said the acquisition showed the group’s long-term commitment to investment in Australasia.
The acquisition will be funded by bank borrowings and is subject to the approval of the Foreign Investment Review Board of Australia.
The deal added Volkswagen, Jaguar and Land Rover to Sime Darby’s list of marques in Australia, managed by Sime Darby Motors.
It represents all five marques in the other markets it operates in. — Bernama