Suncorp completes sale of smash repairer

Suncorp completes sale of smash repairer | Insurance Business

Suncorp completes sale of smash repairer

Suncorp has confirmed the finalised sale of its smash repair business today, with automotive giant AMA Group picking up Capital S.M.A.R.T and ACM Parts.

The deal, announced on October 1, sees the entire Capital S.M.A.R.T business valued at $420 million while ACM Parts was sold for a cash consideration of $20 million, broadly in line with book value.

The sale consideration is in the form of upfront cash proceeds and the retention of a 10% interest in Capital S.M.A.R.T. Suncorp will also have a board seat on the Capital S.M.A.R.T holding entity, a move which the insurer says underpins its “ongoing, long-term partnership” with the business.

The after-tax profit on the sale is expected to be in the range of $285-295 million.