FAIRFIELD, CA – Copart Inc. has agreed with the Universal Salvage PLC board to purchase Universal, according to the East Bay Business Times.
Fairfield-based Copart said Copart UK, a wholly owned subsidiary, is offering shareholders of Universal GBP 2 (US$3.96 based on April 4 exchange rates) in cash for each outstanding share.
Copart said the offer valued the company at GBP 57 million (US$112.8 million), excluding certain items. Copart also would assume debt of GPB 2.2 million (US$4.4 million).
If the companies receive all approvals, the deal is estimated to close in Copart's fiscal quarter ending July 31, 2007.
Copart offers vehicle salvage services to insurance companies and others.