Inchcape completes £1.3bn Latin American expansion deal
International automotive retailer Inchcape has announced the completion of its acquisition of Derco, a Latin American automotive distributor.
The deal, which was originally announced in July 2022, is said to be worth £1.3bn.
As announced on 28 November 2022, Juan Pablo Del Río will join the Inchcape Board as a non-executive director.
Duncan Tait, group chief executive of Inchcape, said: “We set an ambition to extend our global leadership in automotive distribution, and to become the undisputed number one choice for OEMs (original equipment manufacturers). The completion of the transformational acquisition of Derco is an important step in our ambitious growth journey.
“The combination brings together two best-in-class operators in highly attractive and fast growth markets within Latin America, and significantly expands our OEM brand portfolio.”
Del Río added: “Inchcape and Derco are highly complementary businesses, enjoying a strong strategic and cultural fit. The combined strengths of both companies, including Inchcape’s undisputed leadership in digital and data, will provide exciting opportunities for colleagues across the enlarged business.”
Headquartered in London, Inchcape operates in over 40 global markets.