LKQ To Buy 26.5% Stake In Sweden's Mekonomen; Terms Not Disclosed - Quick Facts

(RTTNews) - LKQ Corp. (LKQ), a provider of alternative and specialty parts to repair and accessorize automobiles, announced Monday that it has entered into an agreement to acquire an equity interest in Mekonomen AB from Axel Johnson AB.

Stockholm, Sweden-based Mekonomen is an independent car parts and service chain in the Nordic region of Europe.

Under the terms of the definitive agreement, LKQ will acquire a 26.5% equity interest in Mekonomen AB from AXJ, and the transaction is expected to close in early December.

LKQ said it intends to nominate two representatives for election to Mekonomen AB's board of directors to replace AXJ's two representatives.

Robert Wagman, President and Chief Executive Officer of LKQ, said, "Our strategic investment in Mekonomen Group allows us to obtain a significant interest in a leading company with a strong brand and a diverse operating model. This transaction is a natural extension of our goal to becoming the preeminent pan-European distributor of aftermarket automotive parts and accessories."