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Inchcape has expanded its presence in the Baltic new car market in a deal worth up to £60.5m.
The international automotive retailer has acquired Baltic Motors Corporation, which operates three dealerships in Latvia, from MVC Capital.
Baltic Motors represents the Ford, BMW and Land Rover brands and completion of the deal hands Inchcape a market leadership position in Latvia with both distribution and retail of the three brands.
Emerging market
It also distributes and retails Mazda and holds the BMW franchise.
“We are very pleased with this further implementation of our strategy to expand in the emerging markets,” said André Lacroix, group chief executive of Inchcape.
“This acquisition strengthens our relationships with our core brand partners and gives us a market leading position in the exciting, fast growing market of Latvia.”