SAO PAULO (April 20, 2012) — Pirelli Tyre S.p.A. has agreed to buy 60 percent control of Campneus Líder de Pneumáticos Ltda., one of Brazil's largest tire distributors with 54 retail outlets in seven Brazilian states.
Pirelli has offered about $30 million to Campneus owners, the Faria da Silva family, for the stake. The final price will be subject to adjustment on the basis of the asset situation on the closing date.
Pirelli said the deal is in line with provisions of its 2012-14 industrial plan, which calls for the tire maker to strengthen its presence in the Brazilian wholesale and retail markets, with a focus on the higher growth premium segment. As part of this strategy, Pirelli said it wanted to double the number of Pirelli-owned Pirelli Pneuac points of sale to 102.
The 54 Campneus stores included in the agreement are already part of Pirelli's distribution network in Brazil, which counts more than 600 points of sale in total.
The agreement is subject to approval by CADE, the Conselho Administrativo de Defesa Econ"mica brasiliano, and finalization is expected at the end of the first half of 2012.