LONDON: Inchcape plc, the global automotive distribution group, said Tuesday it has agreed to acquire Askja, Iceland’s leading automotive distributor, marking its entry into a new regional market.
The deal includes Askja and affiliated businesses, and is expected to close in the third quarter of 2025, pending customary conditions and regulatory approval. Inchcape said the acquisition aligns with its Accelerate+ strategy, expanding the company’s geographic footprint across its Europe and Africa region and deepening its portfolio of original equipment manufacturer (OEM) partners.
Askja is the exclusive Iceland distributor for several major OEMs, including Mercedes-Benz and Kia, a new partner for Inchcape. In fiscal year 2024, Askja posted revenue of £150 million, employed 260 staff, and held a 16% market share of Iceland’s total industry volume for passenger cars and light commercial vehicles, which totaled about 12,000 units.
“We are delighted to announce the acquisition of Askja, which is an excellent strategic fit for Inchcape,” said Duncan Tait, Inchcape CEO. “This transaction will drive value for Inchcape, our shareholders, brand partners and new customers in Iceland.”
Askja CEO Jón Trausti Ólafsson said the merger would blend Askja’s local expertise with Inchcape’s global scale and technology.