Springfield, Mo. Auto parts retailer O’Reilly Automotive said Friday that it now owns more than 90% of CSK Auto Corp., and expects the complete the acquisition shortly.
In April, O’Reilly said it would buy CSK for $500 million in a cash and stock transaction, and assume $500 million in CSK’s debt.
O’Reilly said each share of CSK stock tendered was exchanged for 0.4285 of a share of O’Reilly stock, plus $1 in cash. The company said that along with the shares it already owned, it now controls approximately 90.5% of the Phoenix-based company.
The company plans to merge one of its units into CSK, and the new entity will become an indirect wholly owned subsidiary. The acquisition would add CSK's presence in the western United States to the Midwest, and a southeastern presence for O'Reilly, solidifying its place as the third-largest U.S. auto parts retail chain behind AutoZone and Advance Auto Parts.