US-based Genuine Parts has signed a deal to completely acquire the Australia-based Exego Group for $800m.
With the amount the company will acquire the 70% share of the Exego Group along with its debt, while 30% stake was acquired by the company on 01 January 2012.
The acquisition is scheduled to complete by 01 April 2013, which is expected by the company to be financed by a combination of cash and borrowings.
Genuine Parts chairman and chief executive officer Tom Gallagher said that the company was presented with the opportunity to move forward with its investment earlier than expected.
"Based on our positive experience over the last 14 months with Exego, we believe that 100% ownership of their company best positions us to participate in the ongoing and significant growth opportunities in the Australasian aftermarket," Gallagher added.
Exego Group, aftermarket distributor of automotive replacement parts and accessories, was established in 1922 and has its headquarters in Melbourne, Australia.