KlyuchAvto to acquire the Toyota and Audi retail operations in St. Petersburg of Inchcape for £70m.

KlyuchAvto, a vehicle retailer, agreed to acquire the Toyota and Audi retail operations in St. Petersburg of Inchcape, an independent multi-brand automotive distributor, for £70m ($98m). The transaction is conditional upon final OEM partner and regulatory approvals, and is expected to complete in the second-quarter. The proceeds from the disposal will be deployed consistent with Inchcape's strategy to grow the core distribution business.