Suncorp completes sale of smash repairer

Deal was announced earlier this month
Suncorp completes sale of smash repairer
INSURANCE NEWS
By Nicola Middlemiss
31 Oct 2019

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.

Related Stories
Free newsletter

We'll keep you up-to-date with the latest breaking news, cutting edge opinion, and expert analysis affecting both your business and the industry as whole.

Free newsletter

Our daily newsletter is FREE and keeps you up - to - date with the world of Insurance. Please complete the form below and click on subscribe for daily newsletters from IB AU.