Advance Auto announces major acquisition - FOX 21/27 WFXR Roanoke/WWCW Lynchburg News, Weather

Advance Auto announces major acquisition

Posted: Updated:

Advance Auto Parts announced today it has acquired General Parts International, Inc., a leading privately held distributor and supplier of original equipment and aftermarket replacement products for commercial markets operating under the CARQUEST and WORLDPAC brands, according to a news release.

Advance Auto Parts Inc. is a provider of automotive aftermarket parts, accessories, batteries, and maintenance items.

The company states the all-cash transaction is valued at $2.04 billion. The transaction has been approved by the boards of directors of both companies.

Advance Auto Parts President George Sherman will answer questions about the acquisition this morning at 11 a.m..