24th Dec 2019 09:34
(Alliance News) - Pendragon PLC said Tuesday it has completed the sale of its Jaguar Land Rover motor vehicle dealership in Newport Beach, California.
The car dealer first announced the sale in May and had said the Jaguar Land Rover dealership was being sold to US Auto Trust LLC for GBP31.0 million in cash.
Together with the sale of Newport Beach site, Pendragon also had announced the sale of Jaguar Land Rover dealership in Mission Viejo to Lithia Motors Inc for GBP29.0 million in cash.
"The transaction is in line with the company's stated strategy of disposing of its US Motor Group and work on the remaining disposals continues," Pendragon said.
In August, Pendragon had said it agreed to sell its assets in a Chevrolet dealership in Puente Hills, California for an initial GBP17.2 million, in order to reduce net debt.
Pendragon shares were up 1.0% in London at 12.78 pence each on Tuesday.
By Loreta Juodagalvyte; [email protected]
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