Uni-Select provides update on plan of arrangement
by CM Staff
Uni-Select and LKQ Corporation are currently reviewing the U.K. CMA's decision and will promptly engage to formally submit a remedy proposal (UILs) to the U.K. CMA.
BOUCHERVILLE — Uni-Select Inc. provided an update regarding the decision by the U.K. Competition and Markets Authority (CMA) following its fast-track Phase 1 review process. The CMA has required a remedy (known as “undertakings in lieu of reference” or “UILs”) in order to address concerns it has identified about the impact on markets in the United Kingdom of the previously announced plan of arrangement under the provisions of the Québec Business Corporations Act involving Uni-Select, LKQ Corporation and 9485-4692 Québec Inc., a wholly-owned subsidiary of LKQ Corporation.
Uni-Select and LKQ Corporation are currently reviewing the U.K. CMA’s decision and will promptly engage to formally submit a remedy proposal (UILs) to the U.K. CMA. As previously disclosed, subject to the procedure outlined in the arrangement agreement, LKQ Corporation and 9485-4692 Québec Inc. have agreed to commit to the divestiture of Uni‑Select’s GSF Car Parts business in the United Kingdom, in order to receive the clearance from the U.K. CMA.
The arrangement remains subject to certain closing conditions, including the receipt of clearance from the U.K. CMA. If these conditions to closing are satisfied or waived, it is anticipated that the arrangement will be completed during the third quarter of 2023.
