Benzinga | Jul 6, 2021 11:36AM EDT

Group 1 Automotive Acquires Nine Franchises In UK For Undisclosed Sum

* Group 1 Automotive Inc (NYSE:GPI) has acquired nine franchises with the aim of expanding its business in the U.K.

* The terms of the deal were not disclosed.

* The dealerships are being acquired from the Robinsons Motor Group.

* The operations will include brands offered by the Volkswagen Group and one Citroen dealership with major locations in Norwich, Peterborough, Lowestoft, and Ipswich.

* The automotive retailer expects about $300 million annual revenue from the acquisition.

* The deal brings Group 1's total U.K. operation to 55 locations with 75 franchises representing 14 brands.

* The company's cash and equivalents totaled $82.9 million as of March 31, 2021.

* Price action: GPI shares are trading lower by 4.66% at $152.07 on the last check Tuesday.