Autosports Group (ASX:ASG) has announced it will acquire the business and assets of Gulson Canberra, including Porsche Centre Canberra, for $13 million. The Gulson Canberra business, which includes Porsche, Fiat, Alfa Romeo, Leapmotor, Abarth and Jeep brands in Canberra, will be held by Autosports Leichhardt, a wholly owned subsidiary of Autosports Group. Autosports Group operates dealerships across Australia, focusing on luxury and prestige automotive brands.
The purchase consideration comprises $12 million for goodwill and approximately $1 million for net tangible assets, plant, and equipment. Autosports intends to fund the acquisition through a combination of existing cash reserves and debt facilities. The company’s chief executive, Nick Pagent, stated that the acquisition strategically expands Autosports Group’s presence into the Australian Capital Territory.
The acquisition of Gulson Canberra is aligned with Autosports Group’s strategy to grow its portfolio of prestige and luxury brands. Autosports Group is an automotive retailing group that operates dealerships across Australia. The company focuses on the luxury and prestige vehicle market, offering sales, service, and parts.
The transaction is scheduled for completion in September.
