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Advance Auto Parts Sells Worldpac Subsidiary to Carlyle Group for $5 Billion
What's the News?
Advance Auto Parts (AAP) has agreed to sell its Worldpac subsidiary to Carlyle Group (CG) for $5 billion in cash.
Who is Involved?
- Advance Auto Parts (AAP)
- Carlyle Group (CG)
What is the Impact?
The deal represents the first major industrial investment for Carlyle Group since the COVID-19 pandemic.
Details of the Deal
Price and Terms
Carlyle Group will acquire Worldpac for $5 billion in cash.
Timeline
The transaction is expected to close in the fourth quarter of 2024.
Strategic Significance
The sale of Worldpac will allow Advance Auto Parts to focus on its core business of providing automotive parts and services. For Carlyle Group, the acquisition is a significant investment in the automotive aftermarket industry.
About Advance Auto Parts
Advance Auto Parts is a leading provider of automotive parts, accessories, and services in the United States and Canada.
About Carlyle Group
Carlyle Group is a global private equity firm with over $300 billion in assets under management.
Conclusion
The sale of Worldpac to Carlyle Group is a major development in the automotive aftermarket industry. The deal will have a significant impact on both Advance Auto Parts and Carlyle Group, and it is expected to close in the fourth quarter of 2024.