- Inchcape said it had agreed to acquire Autolider, a distributor of Daimler brands, for £47m.

The acquisition would strengthen Inchcape's Latin America platform, bringing the company to six new LatAm markets entered since 2016, the company said.

Autolider, the distributor of Mercedes-Benz passenger and commercial vehicles in both Uruguay and Ecuador, was also the distributor of Daimler's Freightliner and Fuso brands in Uruguay.

'This transaction represents a significant milestone in the development of our core higher margin, capital light Distribution business utilising some of the proceeds realised through recent Retail-only disposals in Australia, China and the UK,' Inchcape said.

Completion of the deal was expected in the fourth quarter of the year.

At 8:24am: [LON:INCH] Inchcape PLC share price was -5p at 635p

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