A Clayton Utz team is advising NYSE-listed Genuine Parts Company (GPC) on taking its existing stake in Australian-based Inenco Group (Inenco) to 100%, through an agreement announced to the market on 22 May 2019.
GPC is a leading distributor of automotive, industrial replacement parts and electrical specialty materials, and business products, with 2018 revenues of US$18.7 billion. Headquartered in Sydney, Inenco is one of Australasia's leading industrial distributors of bearings, power transmission and seals, with estimated annual revenues of approximately US$400 million.
Clayton Utz Corporate partner Samy Mansour led the firm's deal team, which included lawyer Qasim Rasool (Corporate), and partner Alex Schlosser (Banking & Financial Services) and senior associate Kate O'Donovan (Banking & Financial Services) on the financing side. Simpson Grierson provided NZ law advice to GPC, with Allen & Overy acting for the sellers.
Samy said the team enjoyed the opportunity to work alongside GPC's legal and commercial team on the transaction. "We are delighted for GPC, Inenco and the sellers and look forward to their continued success."
The transaction is expected to close on 1 July 2019.