Inchcape to acquire a 60% stake in CATS Group of Companies.

Inchcape, a retailer of premium automotive products and services, agreed to acquire a 60% stake in CATS Group of Companies, a distributor of luxury vehicles in the Philippines. Financial terms were not disclosed. "This acquisition is a significant milestone for Inchcape in APAC and an excellent example of our Accelerate strategy in action; extending our global distribution leadership by expanding our OEM brand footprint in markets where vehicle penetration is low but expected to grow quickly. The combination of Inchcape's leading global position and digital and data capabilities means we are well placed to successfully execute our strategy to accelerate growth both organically and via industry consolidation," Ruslan Kinebas, Inchcape CEO of APAC.