Eagers Automotive expands into Canada with major acquisition and equity raise

Eagers Automotive has requested a trading halt to facilitate a A$1,043 million strategic acquisition of a 65% equity interest in CanadaOne Auto, a leading Canadian dealership group. This acquisition is expected to be mid-teens EPS accretive without synergies and will be funded through a mix of A$386 million in exchangeable shares, a A$452 million accelerated non-renounceable entitlement offer (ANREO), a A$50 million placement to Mitsubishi Corporation, and A$86 million from existing debt and cash. The ANREO is priced at A$21.00 per new share, a 28.4% discount to the last traded price.

The institutional component of the ANREO successfully raised approximately A$143 million, with strong support from existing institutional shareholders. The retail component, targeting A$309 million (including a A$128 million commitment from director Nick Politis and associated entities), is scheduled to open on Wednesday, 8 October 2025.

In parallel, Mitsubishi Corporation is making a A$70 million strategic investment to acquire a 20% equity interest in Eagers' easyauto123 pre-owned car business, reinforcing a broader strategic partnership to explore collaboration in the automotive and mobility sector. The trading halt for Eagers Automotive securities is expected to be lifted on Friday, 3 October 2025, following the announcement of the institutional entitlement offer results.