- Inchcape said Monday it acquired Grupo Rudelman, an Automotive Distribution business in Central America focused on Suzuki, for $284m (£201m), on a cash-free and debt-free basis.

The acquisition is expected to boost Inchcape's earnings in first full year post-acquisition by mid-single digit percentage and increase the firm's presence in markets with structural growth potential.

Grupo Rudelman, an Automotive Distribution business, is the distributor and exclusive retailer for Suzuki in both Costa Rica and Panama.

Stefan Bomhard, Group CEO of Inchcape plc, said: 'The acquisition of a second scale Distribution platform in Latin America in two years highlights our commitment to investing for growth and allocating capital in a disciplined manner.'

'We are acquiring a strong, well-managed business and I am very pleased to welcome the Grupo Rudelman team to Inchcape. I am delighted to significantly enhance our relationship with Suzuki, a brand that is well positioned for growth and success in emerging markets, with whom we are proud to have partnered for over 40 years.'

'With this acquisition we continue to actively position Inchcape towards higher growth markets and higher return Distribution businesses. Distribution trading profit, on a pro forma basis, now equates to 81% of total Group profit in 2017. In addition, Inchcape's portfolio and presence in Latin America has been significantly strengthened, and I am excited about the future opportunities this presents.'

At 8:06am: [LON:INCH] Inchcape PLC share price was +10.5p at 682p

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