Michelin has completed its acquisition of Sascar, Brazil's leading fleet management and freight security company, the company has announced.
The acquisition is expected to "speed the growth" of Michelin's truck tire business in Brazil, according to a release. Sascar manages 33,000 fleets with 190,000 trucks under contract. In 2013, Sascar generated 91 million Euro in revenue, or about $117.87 million. Sascar's enterprise value stands at 520 million Euro ($673.57 million), which includes the purchase price of 440 million Euro shares ($569.94 million) and 80 million Euro ($103.62 million) in outstanding debt.
The transaction has been approved by the Brazilian completion authority (CADE), and other closing procedures were finalized Aug. 29. The deal was announced in June.