Inchcape expands European operations as buys Iceland's Askja
Inchcape PLC on Tuesday said it has agreed to acquire Askja, Iceland’s leading automotive distributor, for an undisclosed sum.
‘This bolt-on acquisition further scales and enhances the group’s geographic footprint in its Europe and Africa region and broadens the range of Inchcape’s [original equipment manufacturer] partnerships,’ the London-based automotive distribution company said in a statement.
Inchcape said Iceland represents an ‘exciting new market’, with potential future growth opportunities.
Reykjavik-based Askja has a broad-based and diversified portfolio of OEM partnerships in Iceland, and is the exclusive distributor for Mercedes-Benz Cars and Vans and Kia.
Askja, which employs 260 people, generated revenue of £150 million in financial 2024. It held a 16% market share of Iceland’s total industry volume for passenger cars and light commercial vehicles.
Inchcape Chief Executive Duncan Tait said Askja is an ‘excellent strategic fit’ for Inchcape, given its ‘strong track record, diversified OEM brand portfolio, talented people and market leadership position.’
Shares in Inchcape were 0.8% higher at 788.50 pence in London on Tuesday morning.
The deal is expected to complete in the third quarter of 2025.
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