(AP) Advance Auto Parts Inc. is buying General Parts International Inc. for $2.04 billion in cash, which the companies say will create the biggest automotive replacement parts provider in North America.
General Parts is a privately held distributor and supplier of original equipment and aftermarket replacement products for commercial markets operating under the Carquest and Worldpac brands.
Advance Auto will get 1,246 company operated stores and 1,418 independently owned Carquest locations as part of the acquisition.
The combined company will be based in Roanoke, Va., and continue to have a presence in Raleigh, N.C.
Both companies' boards approved the transaction, which is targeted to close by late 2013 or early 2014.
Advance Auto also said Wednesday it expects third-quarter earnings of $1.42 per share on revenue of $1.52 billion. Analysts predict earnings of $1.31 per share on revenue of $1.55 billion.