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132	132	* BMW GROUP
133	133	* SUBARU
134	134
	135	+= Recent development =
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	137	+On January 22 nd 2020.  Inchcape plc has agreed to acquire Daimler’s Mercedes-Benz passenger car and private vans distribution operations in Colombia, currently operated by Daimler Colombia S.A. The transaction enterprise value, which is undisclosed, represents approximately 8x 2019E EV/EBIT. This follows the announcement made on 7th November 2019 that Inchcape has agreed to acquire Autolider, the distributor of certain Daimler brands such as Mercedes-Benz passenger and commercial vehicles, Freightliner and Fuso in Uruguay and Mercedes-Benz passenger and commercial vehicles in Ecuador. The purchase of these businesses represents a strategic transformation of Inchcape’s partnership with Daimler to include distribution contracts after a 30-year Retail-only partnership, a further milestone for Inchcape’s OEM Partner of Choice strategy. Together these acquisitions have enabled us to create a scale regional platform with Daimler.
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	139	+In Colombia, where Inchcape has operated since 2016, Inchcape will become the Mercedes-Benz distributor of passenger cars and private vans, adding to its Subaru, Hino and JLR operations. This acquisition further enhances the LatAm platform which has grown from operating BMW in two markets to now representing BMW, Mercedes-Benz, Hino, Subaru, Suzuki and JLR, as well as Freightliner, Fuso and a range of Chinese OEMs, in eight markets across the region.
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	141	+This acquisition represents Inchcape’s 12th Distribution business win since 2016 and highlights the compelling proposition Inchcape can provide to OEM partners. It follows the Retail-only disposals announced this year which will generate c.£250m of proceeds on completion. The focus on our core Distribution capabilities and the disciplined allocation of capital are consistent with Inchcape’s strategy of long-term sustainable growth.
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	143	+Earlier on November 7, 2019 Inchcape plc has acquire Autolider, a distributor of Daimler brands, for £47m. Autolider is the distributor of Mercedes-Benz passenger and commercial vehicles in both Uruguay and Ecuador. Autolider is also the distributor of Daimler’s Freightliner and Fuso brands in Uruguay.
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	145	+Transaction highlights
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	147	+Builds further on the recently strengthened Latin America platform, adding Uruguay and Ecuador; brings Inchcape to six new LatAm markets entered since 2016 and a meaningful increase in strategic OEMs represented in the region to six, in addition to emerging OEMs
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	149	+Acquisition represents Inchcape’s first Distribution contracts with Daimler brands, after more than 30 years of Mercedes-Benz partnership in Retail-only markets
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	151	+Consistent with focus on core Distribution capabilities and on the disciplined re-allocation of capital; follows the recent disposals of less strategic Retail-only assets which will generate c.£250m on completion
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	153	+A milestone for two pillars of the Ignite strategy - OEM partner of choice and investing to accelerate growth
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135	135	= Investor Presentation =
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137	137	[[https:~~/~~/www.inchcape.com/content/dam/inchcape/corporate/investors-and-media/InvestmentProposition/CMD%20summary%20presentation%20(2019-03-21).pdf>>url:https://www.inchcape.com/content/dam/inchcape/corporate/investors-and-media/InvestmentProposition/CMD%20summary%20presentation%20(2019-03-21).pdf]]