UK's Halfords to buy owner of National tyre servicing brand in $83 million deal

© Reuters. FILE PHOTO: A view of the Halfords store front in Rugby Britain November 19, 2020. REUTERS/Molly Darlington

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(Reuters) – Halfords Group (LON:) Plc said it would buy Axle Group Holdings Ltd, which owns the popular National tyre servicing brand, for 62 million pounds ($82.54 million) as the motoring and cycling retailer expands its maintenance and repair business.

The company, which has benefited from a surge in cycling during the COVID-19 pandemic, said on Wednesday it intends to partially fund the acquisition by raising about 64 million pounds through a non-preemptive placing, a subscription and a retail offer.

($1 = 0.7511 pounds)

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