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Monday July 22

Ford to Sell Kwik Fit to CVC

Ford Motor Co. is putting the final touches to a 300 million pound ($474 million) deal to sell its car servicing business Kwik-Fit to private equity firm CVC Capital Partners, according to a Reuters' report.

Ford may have agreed to accept deferred payments from CVC of a sizeable amount of the total sale price. Ford had hoped to raise at least 800 million pounds from the disposal after paying one billion pounds for Kwik-Fit three years ago. It is believed likely that the car manufacturer will retain a stake in Kwik-Fit.

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