Inchcape PLC (LSE:INCH) said its £1.3bn acquisition of Derco, Latin America’s largest independent automotive distributor, has been given the green light by Peruvian authorities.
In addition, the deal was approved by Inchcape’s shareholders on 16 December, and completion of the acquisition is now expected to take place before the end of the year.
"We are delighted to have received all required shareholder and merger control clearances to complete the acquisition of Derco. The combination with Derco is a transformative and unique opportunity to accelerate our global distribution business,” commented Duncan Tait, group chief executive in Inchcape, in a statement.
“In addition to delivering substantial shareholder value, the acquisition will provide exciting opportunities for our colleagues, OEM partners, dealers and consumers, and is another great example of Inchcape's Accelerate strategy in action,” he added.