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Hankook rolls into Aus with purchase of local tyre company

Hankook rolls into Aus with purchase of local tyre company

Hankook Tire has acquired a leading Australian tyre company to expand its offering to repair services and new products.

Firms: Gilbert + Tobin (Hankook Tire); Undisclosed (JAX Tyres)

Deal: Hankook Tire (Hankook) has agreed to purchase JAX Tyres.

Value: Undisclosed

Area: M&A

Key players: The G+T advising Hankook was led by partner David Josselsohn. G+T partner Muhunthan Kanagaratnam and lawyers Shelley Burger, Kylie Hocek and Chris Merjane assisted on the deal.

Deal significance:

JAX, one of Australia’s leading tyre retailers, will be acquired by Korean-headquartered company Hankook Tire.

According to a statement released by the firm advising Hankook on the transaction, the acquisition will both strengthen and expand the company’s offerings.

“The acquisition will provide Hankook Tire with an opportunity to expand in non-tyre offerings by pursuing initiatives in light repairs and other new product and service segments,” G+T said.

G+T lead partner David Josselsohn also credited the efforts of Kankook’s Korean advisors on the “strategic” purchase of JAX.

“We are very pleased to advise Hankook Tire on this important strategic transaction, working seamlessly with Hankook Tire’s Korean advisors,” Mr Josselsohn said.

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