Mercedes Sells Seven Berlin Dealerships to Canadian Investor GAHL
Mercedes-Benz Divests Berlin Dealerships in Strategic Move
BERLIN, May 13 (Reuters) - Mercedes-Benz has agreed to sell its seven Berlin dealerships to a Canadian investor, as part of efforts to sell off businesses in its dealership network, the German carmaker said late on Tuesday.
Details of the Transaction
Deal Structure and Timeline
• Global Auto Holdings (GAHL) has agreed to purchase the Berlin locations in a deal set to close at the end of the year
Financial Terms
• No value was given for the sale
Statements from Mercedes-Benz
Brand Appeal and Divestment Progress
• Mercedes sales chief Mathias Geisen said the deal demonstrated the appeal of the brand and showed that the process of divesting dealerships was "proceeding exactly on schedule"
Impact on Employees
• Over 1,100 people are employed at the Berlin locations, according to a statement from Mercedes
About the Buyer: Global Auto Holdings (GAHL)
GAHL’s Existing Operations
• GAHL already runs Mercedes dealerships in Britain and the United States
Reporting Credits
(Reporting by Rachel More, Editing by Linda Pasquini)
