Fortis buys Kwik Fit insurance business
Kwik Fit has announced that it has entered into a binding agreement to sell its UK insurance business to Fortis for £215m in cash.
The transaction is subject to regulatory approval and is expected to be completed in the third quarter of 2010. The transaction marks the successful completion of a strategic review for the KFFS business announced in February 2010. Credit Suisse advised Kwik Fit in connection with the transaction.
Kwik Fit has confirmed proceeds from the sale will be used to repay debt which, together with funds injected into the business as part of the recently completed covenant reset exercise, will reduce net
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