A new Russian company will be established to purchase the goodwill and assets of Axel Car’s Toyota/Lexus business, which will be owned 75.1% by Inchcape and 24.9% by the Axel Car shareholders.
Inchcape will pay up to £38m from existing cash resources for its shareholding including related property. Completion of the acquisition is subject to approval by Russian regulatory authorities.
Axel Car is part of the Olimp Group, a leading dealer group in St Petersburg representing a number of brands including Mercedes-Benz, Chrysler, Dodge, Jeep, Audi, Peugeot and Chery.
Olimp has two Toyota retail and service centres, one Lexus retail and service centre and one city centre showroom for Lexus.