Group 1 Automotive Inc. will acquire UAB Motors Participacoes SA, a large automotive retailer in Brazil, for $47.4 million in cash.
The deal also includes 1.45 million in Group 1 common stock and the assumption of $62 million in debt.
Once the deal closes, Group 1 will own 18 more car dealerships, including Toyota, Nissan, BMW, Renault, Peugeot, Land Rover and Jaguar dealerships. The dealerships generate about $650 million in annual revenue.
Sao Paulo, Brazil-based UAB also owns five collision centers.
Group 1, headquartered in Houston, owns and operates 121 car dealerships and 31 collision centers in the U.S. and U.K.
The deal is expected to close on Feb. 28.
Barclays acted as Group 1’s financial adviser, while Jones Day and Mattos Filho acted as the company’s legal counsel.