Maxiparts Receives Proposal from Ares and Acquires Air Brake Systems
Key points
- Non-binding proposal from Ares to acquire Maxiparts for $2.50 per share
- Maxiparts enters into exclusivity agreement with Ares for due diligence
- Acquisition of Air Brake Systems for $11.2m, expected to enhance product range and market reach
Full summary
MaxiPARTS Limited has received a conditional, non-binding proposal from Ares Management Asia Singapore Pte. Ltd. to acquire 100% of its shares for $2.50 per share through private equity funds managed and/or advised by Ares. The proposal is subject to due diligence, funding, and regulatory approvals. The offer represents a 46% premium to MaxiPARTS' last closing price. Additionally, MaxiPARTS has acquired Air Brake Systems for $11.2m, which is expected to enhance its product range and market reach in the commercial vehicle braking sector.
Guidance
Maxiparts expects to generate future synergies from the acquisition of Air Brake Systems.
Outlook
The company anticipates that the acquisition will lead to sales growth and cost savings across the MaxiPARTS Group.
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