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Jardine Matheson Holdings Ltd - Hong Kong-based holding company with interests in retail, property, hotels and motor dealerships - Completes sale of Jardine Motors Group in the UK to Lithia & Driveway, part of Oregon-based, New York-listed Lithia Motors Inc. Doesn't provide sale price. Says Jardine Motors Group grew from a family-run motor retailer in East Anglia to UK-wide chain with 50 locations representing 14 different automobile brands. Notes that Lithia operates across vehicle retailing, financing and repair, meaning Jardine Motors Group can capitalise on the industry trend toward omni-channel retail.
Lithia says the purchase is its first entry into the UK. Jardine Motors Group management will remain in place, it says, and the group is expected to generate over USD2 billion in annual revenue.
Current Jardine stock price in Singapore: USD47.60
12-month change: down 14%
By Tom Waite, Alliance News editor
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