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Advance Auto Parts (AAP) has issued an update.
Advance Auto Parts, Inc. has struck a deal to sell its Worldpac business to an affiliate of Carlyle Group for $1.5 billion in cash, with adjustments anticipated. The transaction is expected to conclude in late 2024, with the company estimating net proceeds of approximately $1.2 billion, which will be allocated for general corporate purposes. The deal includes customary representations and conditions, such as maintaining the Worldpac business’s standard operations until the sale is finalized and a non-solicitation agreement for employees. Completion is contingent upon various conditions, including antitrust law compliance and the establishment of a new supply chain financing program for Worldpac.
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