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Genuine Parts to buy European rival in $2 billion deal

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Genuine Parts to buy European rival in $2 billion deal

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(Reuters) – U.S. automotive replacement parts distributor Genuine Parts Co <GPC.N> said on Monday it would buy European rival Alliance Automotive Group in a deal valued at about $2 billion (1.48 billion pounds), including debt. Genuine Parts will buy Alliance Automotive from private equity funds managed by Blackstone <BX.N> and Alliance Automotive’s co-founders, the company said.

(Reporting by Ankit Ajmera in Bengaluru; Editing by Sai Sachin Ravikumar)
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