Summary
Copart, Inc. (CPRT) announced the completion of its acquisition of Universal Salvage plc, a UK-based motor insurance and automotive service provider, on June 14, 2007. The acquisition was completed through a scheme of arrangement under English law, with Universal Salvage plc now operating as a wholly-owned subsidiary of Copart (UK) Ltd. This move represents a significant expansion for Copart into the United Kingdom market.
Key Highlights
- 1Copart, Inc. completed the acquisition of 100% of Universal Salvage plc's issued share capital on June 14, 2007.
- 2The acquisition was executed via a cash offer and a scheme of arrangement under English law.
- 3Universal Salvage plc, a UK-based company, is a service provider to the UK motor insurance and automotive industries.
- 4The aggregate acquisition consideration was approximately £60.6 million (approximately $119.4 million).
- 5Copart also assumed approximately £2.2 million ($4.3 million) in outstanding indebtedness from Universal Salvage plc.
- 6The acquisition was funded by Copart's available cash resources.
- 7Universal Salvage plc will be delisted from the London Stock Exchange following the completion of the acquisition.
Frequently Asked Questions
This 8-K filing is significant because it formally announces the completion of Copart's acquisition of Universal Salvage plc. This marks a major strategic move for Copart, representing its entry and expansion into the UK market.
The total acquisition consideration paid by Copart was approximately £60.6 million (about $119.4 million), including amounts for shares, options, and a warrant. Additionally, Copart assumed £2.2 million (about $4.3 million) in outstanding indebtedness.
Copart funded the acquisition of Universal Salvage plc using its available cash resources.
Universal Salvage plc has become a wholly-owned subsidiary of Copart (UK) Ltd. It is scheduled to be delisted from the London Stock Exchange, indicating its integration into Copart's operations.