Suncorp Group Limited (ASX: SUN ADR: SNMCY) today advises that it has completed the sale of Capital S.M.A.R.T Group (Capital S.M.A.R.T) and ACM Parts Pty Ltd (ACM Parts) to AMA Group (AMA), announced on 1 October 2019. The sale values 100% of Capital S.M.A.R.T at $420 million. ACM Parts was sold for a cash consideration of $20 million, broadly in line with book value.
As previously announced, the sale consideration is in the form of upfront cash proceeds and the retention of a 10% interest in Capital S.M.A.R.T. Suncorp will have a Board seat on the Capital S.M.A.R.T Group Holding entity to underpin its ongoing, long-term partnership with the business. The after tax profit on the sale is expected to be in the range of $285-295 million.