NEW YORK, Dec 24 - Buyout shop Clayton Dubilier & Rice won the race on Thursday to buy Montagu Private Equity's British Car Auctions (BCA), which sells more than 4 billion pounds ($6,36 billion) worth of used vehicles annually.
CD&R, which owns car rental giant Hertz, beat second-round bids from Bridgepoint [BRDG.UL] and Cinven [CINV.UL] for the used car business that was valued at to 400 million pounds ($636 million), sources previously told Reuters. [ID:nLDE5BH0XG]
The companies did not disclose the terms of the deal on Thursday.
Montagu, which has more than 2.5 billion pounds ($4.1 billion) under management, led the buyout of BCA in October 2006 from a group of private shareholders. The business was divided into an operating company, which is being sold to CD&R, and property arm, which is being retained by Montagu.
The transaction is expected to close in the first quarter.
HSBC and BofA Merrill Lynch served advised CD&R, while UBS advised Montagu. (1 pound = $1.59) (Reporting by Paritosh Bansal; editing by Gunna Dickson) (For more M&A news and our DealZone blog, go to www.reuters.com/deals)