TUHU-W (09690.HK): To Buy Australia's mycar Chain for A$403M
- The Purchaser is TUHU Car (Hong Kong) Limited, an indirect wholly-owned subsidiary of the Company; the Vendor is Continental Global Holding Netherlands B.V., a wholly-owned subsidiary of Continental AG, and the Company acts as Purchaser Guarantor.
- The Target Group's agreed enterprise value is A$403 million (approximately HK$2.25 billion), with the Completion Payment currently estimated at approximately A$278.33 million (approximately HK$1.55 billion) after adjustments for net debt and working capital, payable in cash at Completion; the Target Group operates 279 stores in Australia under the "mycar Tyre & Auto" brand, with revenue of approximately A$524.66 million in 2025.
NewTimeSpace News: On 24 September 2026 (before trading hours), TUHU Car Inc. (stock code: 09690.HK) announced that the Purchaser, TUHU Car (Hong Kong) Limited, an indirect wholly-owned subsidiary of the Company, entered into a share sale and purchase agreement with the Vendor, Continental Global Holding Netherlands B.V., a wholly-owned subsidiary of Continental AG, pursuant to which the Purchaser has conditionally agreed to acquire the entire issued share capital of the Target, Conti Trade Australia Pty Ltd, comprising 177,000,000 ordinary shares.
The Target owns and operates the "mycar Tyre & Auto" network, one of Australia's largest tire, automotive service and repair chains, providing comprehensive one-stop automotive services through 279 stores nationwide. The Acquisition is based on the agreed enterprise value of the Target Group of A$403 million (equivalent to approximately HK$2.25 billion), which, after adjusting for the Target Group's net debt and working capital amounts, results in a Completion Payment currently estimated at approximately A$278.33 million (equivalent to approximately HK$1.55 billion), payable in cash at Completion and subject to a post-Completion adjustment.
On valuation, Avista Valuation Advisory Limited, the Independent Valuer engaged by the Company, applied the market approach and concluded that the fair value of 100% of the equity interests in the Target as at 30 June 2026 amounted to A$290,646,000, based on an average EV/EBITDA multiple of 9.8x. The Acquisition constitutes a discloseable transaction under Chapter 14 of the Listing Rules, subject to the notification and announcement requirements but not the circular and Shareholders' approval requirements. It is expected to be funded by a combination of internal cash resources of the Group and acquisition debt financing, with the Company having obtained credit approval from its lending banks for acquisition financing of not more than RMB1 billion. Completion is conditional upon the satisfaction of pre-conditions including approvals from the Australian Competition and Consumer Commission and the Federal Treasurer and may or may not proceed.
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