Advance Auto Parts Sells Worldpac Unit to Carlyle for $1.5 Billion by Year-End

Aug 22, 2024, 10:29 AM

Advance Auto Parts has announced the sale of its Worldpac unit to private equity firm Carlyle Group for $1.5 billion in cash. The transaction is expected to close by the end of the year. Advance Auto Parts plans to use the proceeds, estimated at $1.2 billion after taxes and fees, to enhance its operations. The sale comes as the company reported its second-quarter 2024 results, with a miss on earnings per share but a beat on revenues. The CEO noted positive comparable sales growth despite a challenging demand environment. $AAP: -11% PM.