The sale was announced in July 2019 to satisfy the ACCC to secure regulatory approval for AP Eagers’ proposed merger with Automotive Holdings Group (ASX:AHG)
Under the agreements, the business will be sold for $54 million for goodwill and estimated net assets.
The real property assets will be sold for $52.9 million, resulting in total sale proceeds of $106.9 million.
The Tony White Group is a Brisbane-based and family-owned business that represents all of the major automotive brands with operations spanning the eastern seaboard of Australia.
Klosters is an 85-year-old iconic automotive retailer generating approximately $420 million in annual revenue.
Shares in AP Eagers (ASX:APE) are trading 0.04 per cent lower at $13.45.