Uni-Select Inc. (UNS.T) agreed to sell most of its U.S.
auto-parts distribution business to a unit of Icahn Enterprises LP
(IEP) for 340 million U.S. dollars.
Billionaire investor Carl Icahn plans to resign as chairman and
board member of Icahn Enterprises' auto-parts subsidiary,
Federal-Mogul Holdings Corp. (FDML), which Icahn Enterprises plans
to operate separately from the Uni-Select acquisition. Also,
Federal-Mogul co-Chief Executive Daniel A. Ninivaggi will step down
as a director of Icahn Enterprises in connection with the deal.
The transaction includes the Beck/Arnley Worldparts premium
parts distribution business, but excludes Uni-Select's FinishMaster
paint and coatings business.
Uni-Select USA includes 39 distribution centers and satellite
locations and 240 corporate stores.
Quebec-based Uni-Select expects the deal, expected to close in
the first half of the year, to enable the company to repay debt and
focus on its U.S. painting and Canadian auto-parts distribution
businesses.
Write to Tess Stynes at tess.stynes@wsj.com
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