MHA advises Global Auto Holdings on the acquisition of Lookers PLC
Steve Freeman October 5th 2023
Our Automotive, Corporate Finance and Tax teams recently advised Global Auto Holdings on their acquisition of Lookers PLC. Lookers PLC is a leading UK motor retail and aftersales service group with 147 franchised dealerships across the UK and Ireland.
MHA supported Global Auto Holdings and its shareholder, Kuldeep Billan, throughout the bid process. The scope of work included the initial assessment of the UK Motor Retail market and potential targets for the acquiror, as well as carrying out the subsequent Due Diligence workstreams on the target, including Commercial, Financial, Tax and Technology Due Diligence.
Additionally, we provided Tax Structuring and Advisory support to Global Auto Holdings in the context of the takeover.
We would like to thank Bill Bexson, Eddie Highnam and Bobby Barfoot from the Savills Automotive team, who supported the MHA team by coordinating the Property Due Diligence and Valuation work.
Acknowledgement is also due for the cooperation and accommodation received from the Lookers management team during the diligence processes.
"We have been very impressed by MHA’s expertise and professionalism and look forward to a long-term relationship given our commitment to the UK.”
Head of Automotive and Transport, Steve Freeman said of the deal;
“We are delighted to confirm that the acquisition of Lookers PLC by Global Auto Holdings Limited has completed today and dealings in Lookers shares will be delisted.”
“This acquisition is a landmark transaction for the UK Automotive Retail sector, and we look forward to continuing to support Global Auto Holdings as they deliver on their plans to drive the future success of the Lookers business.”
“Special mention to our MHA Automotive team colleagues involved in this project, include Alastair Cassels, Rob Dando, Nathan Sutcliffe, Anthony McFarlin, Glyn Edwards, Kamran Bagol, Andrew Thurston, Richard Maitland, David Stone and Fuad Amod.”
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