SYDNEY: Autosports Group Ltd. (ASX: ASG) announced Friday it will acquire Gulson Canberra, including Porsche Centre Canberra, in a deal valued at approximately A$13 million.
The acquisition marks Autosports Group’s first entry into the Australian Capital Territory market and is scheduled for completion in September 2025. Assets will be held by Autosports Group’s wholly owned subsidiary, Autosports Leichhardt Pty Ltd.
The transaction includes A$12 million for goodwill and about A$1 million for net tangible assets, plant and equipment. Funding will be sourced from the company’s cash reserves and existing debt facilities, according to the announcement.
Gulson Canberra operates dealerships for Porsche, Fiat, Alfa Romeo, Leapmotor, Abarth and Jeep.
“We are delighted to have the opportunity to represent the Porsche brand,” said CEO Nick Pagent. “This strategic acquisition expands our footprint into the ACT and strongly aligns with our prestige and luxury brand growth strategy.”
The acquisition is subject to several conditions, including consent from relevant motor vehicle manufacturers.