ASG to acquire ten Barry Bourke Motors dealerships

• Strategic acquisition to strengthen collaboration with Audi, Jaguar Land Rover and Volvo Cars
• Secures flagship locations in key markets in Victoria
• Expected to be immediately accretive to earnings

Autosports Group Limited (ASX: ASG) has announced that it has entered into an agreement to acquire the business and assets of ten Barry Bourke Motors dealerships in Victoria. The ten dealerships include Audi, Volvo Cars, Jaguar Land Rover, Geely, GMSV, LDV, Peugeot, Renault and Suzuki in Berwick, and Jaguar Land Rover in Doncaster. The purchase consideration consists of $29 million for goodwill and approximately $5 million for net tangible assets, plant and equipment, subject to usual adjustments. $14 million of the purchase consideration will be in the form of ASG shares to be issued at a price of $4.50, with the cash portion to be funded by existing debt facilities. The acquisition is expected to be immediately earnings accretive, with business margins anticipated to improve to Autosports Group's average margins within the first 12 months. The strategic acquisition will strengthen Autosports Group's collaboration with Audi, Jaguar Land Rover and Volvo Cars, while also securing flagship locations in key markets in Victoria.