April 19, 2024

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Hedin Mobility buys four Mercedes-Benz Retail Group dealerships

Hedin Mobility buys four Mercedes-Benz Retail Group dealerships

Hedin Mobility, the Swedish dealer group which has tabled a bid for Pendragon, has entered into an agreement to acquire four dealerships in South London from Mercedes-Benz Retail Group UK.

The acquisition marks Hedin Mobility Group’s first fully owned operation in the UK – Europe’s second largest car market in terms of registered passenger cars.

The dealerships, which collectively employ 360 people, are based at Brooklands, Dartford, Croydon, and West Bromley.

Anders Hedin, founder and CEO of Hedin Mobility Group said: “Through this acquisition, we take our first step into Europe’s second largest car market and establish a strong foothold for further growth.

“We are pleased to expand with our core brand Mercedes-Benz through the acquisition of these four dealerships, comprising the South London market area, and we look forward to welcoming the employees and customers of these four sites to Hedin Mobility Group.”

Hedin has been in the headlines as it runs the rule over Pendragon. It was granted another extension this week to continue to conduct due diligence for its takeover bid.

In late September Pendragon received a Hedin cash offer valued at 29p per share.

Hedin was required to make a firm bid for Pendragon by 24 October or bow out. This deadline was extended to 21 November and today it was extended again to 9 December.

Last month Pendragon said it was conducting a ‘comprehensive review’ of the company’s operations in light of the £400m bid for the company made by Hedin.