World Auto Holdings plans to purchase British automotive dealership chain Lookers for about 465 million kilos ($595 million) in money.

Lookers is Europe’s fifth-largest auto retail group, in accordance with Automotive Information Europe’s Information to Europe’s Greatest Sellers.

World Auto Holdings values Lookers at 120 pence per share, a premium of 35 % to the inventory’s closing value on Monday.

World Auto Holdings, an entity associated to privately-owned Canadian automotive supplier community Alpha Auto Group by having the identical proprietor, mentioned the acquisition permits its entry to the U.Ok. market and helps its bid to change into a worldwide auto retailer.

Lookers administrators mentioned they intend to unanimously suggest the supply to shareholders.

Lookers, which sells new and used vehicles and vans and gives after-sales providers, in April raised its 2023 revenue forecast, supported by sturdy buying and selling in used automobiles, secure margins and enchancment in provide.

Shares in Lookers surged as a lot as 35 % to their highest stage since September 2017.