Inchcape plc announced an agreement to enter into a joint venture with CATS Group of Companies including the acquisition by Inchcape of a controlling stake in CATS. The deal will expand Inchcape's global distribution footprint as it enters the Philippines, further building on its well-established presence in the APAC region. It will also strengthen the Group's geographic reach and partnerships with Mercedes-Benz, Chrysler, Dodge, Jeep, Jaguar and Land Rover, and broaden its relationships, adding RAM to its list of brand partners.

Further details of the transaction: Inchcape will acquire a 60% stake in CATS, with the remainder being owned by CATS' founding Ang family and its associates, who will also continue to be represented on the CATS Board, by Felix Ang, and in the management team. CATS is expected to add c.£120 million of annualised revenue and be accretive to the Group's operating margin. The transaction remains subject to customary conditions with completion anticipated in the second half of 2023.