Mr Politis, chairman of the Sydney Roosters, is selling privately-owned car dealerships in Victoria to Eagers for $245 million.will pocket $245 million from the sale of some privately owned car dealerships in Victoria to the ASX-listed group Eagers Automotive in which he has a 27.6 per cent stake.
The transaction requires shareholder approval and an independent expert will be appointed to assess whether Eagers is paying a fair price, given the close association between the seller and the buyer.Mr Politis said scale was becoming increasingly important as the automotive retailing market changed. “The automotive industry is evolving as rapidly now as at any time in my career,” he said.
Eagers already operates 200 showrooms selling popular brands including Toyota, Ford, Volkswagen, Honda, BMW and Subaru, and also distributes the fast-growingEagers chief executive Keith Thornton said the company had been looking to expand further in Victoria, where it was under-represented. “It will increase our presence in Melbourne, a region we have previously identified as having significant runway for growth,” he said.