WINNIPEG – The Boyd Group will more than double its presence in Canada by acquiring 68 collision repair centres in Ontario operated by Assured Automotive Inc. for $193.6 million.
The Winnipeg-based income fund (TSX:BYD.UN) says its North American network of collision repair shops will grow to 474 locations when the deal closes, including 110 in Canada.
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Assured Automotive CEO Desmond D’Silva and president Tony Canade will join the Boyd management team and continue to lead the Assured operation under its own brand name.
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Boyd will pay for Assured with about $146.1 million in cash and $47.5 million of income fund units priced at $88.31 each, subject to adjustments.
The value attached to the trust units is below their market price of $89.77 at the close of trading on Friday.
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