Johannesburg - The planned acquisition by Super Group of Mercedes-Benz South Africa’s Sandown Motors dealership business in the Western Cape and a strategic property for about R417.7 million is now unconditional.
The listed transport logistics and mobility company said yesterday that the transaction was effective from today.
Sandown Motors operates five authorised Mercedes-Benz motor passenger vehicle dealerships, three Mercedes-Benz, Freightliner and Fuso commercial vehicle dealerships and one Fiat and Chrysler motor dealership located in Cape Town, Stellenbosch, Paarl and Worcester.
Super Group said previously it would also purchase vehicle inventory valued at an estimated R580m, which would be financed by a primary facility from Mercedes-Benz Financial Services South Africa and a secondary facility from Wesbank.
Super Group shares rose 0.47 percent yesterday to close at R40.51.
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