Market Mover | ARB shares jump 6% on acquisition of 4 Wheels Parts
Shares of $ARB Corp Ltd (ARB.AU)$ , a four-wheel drive aftermarket parts and accessories manufacturer, distributor and retailer, jumped 6.06% to A$42.265 on Monday.
According to the ASX announcement, ARB corporation's US based associate, ORW USA, Inc. has entered into a conditional Asset Purchase Agreement to acquire the 4 Wheel Parts (4WP) business from Hoonigan for about $30 million. ARB corporation will increase its shareholding in ORW to 50% from 30% due to the fund arrangement. Additionally, ARB corporation will also acquire Hoonigan's Poison Spyder brand for $1 million, subject to court approval.
Hoonigan is a leading provider of high-performance aftermarket vehicle enhancements. However, according to S&P Global, it suffered from high interest burden, resulting in a decrease demand and a constrained liquidity. Also, by acquiring the 4WP business from Hoonigan, ARB corporation can absorb Hoonigan's 42 retail stores, associated e-commerce sites and certain other related assests. This enables ARB to expand its business in the US. By the way, the US market accounted for 10.53% of ARB's total revenue, according to ARB's FY24 financial report.
Currenly, the conditional Asset Purchase Agreement is still subject to pending court approval in the United States.
Source: ASX, WSJ
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