Eagers Automotive to acquire remaining 20% of BYD Retail Joint Venture
Eagers Automotive Limited (ASX:APE) has entered into a binding, unconditional agreement to acquire the remaining 20% ownership interest in the BYD Retail Joint Venture entity, EV Dealer Group Pty Ltd. The transaction is expected to be 5.0% to 5.5% earnings accretive for Eagers Automotive shareholders.
Consideration is a combination of cash and Eagers Automotive ordinary shares. A binding, unconditional agreement places the deal on firm footing, and the accretion figure gives investors a quantified earnings benefit.
Eagers enters the buyout from a position of strength, with record HY26 results showing $8.1bn in revenue and available liquidity up 142% to $2,610.9m, which supports a deal funded by cash and shares.
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What the deal delivers for shareholders
Full ownership of EV Dealer Group Pty Ltd
The transaction will result in EV Dealer Group Pty Ltd becoming a wholly owned subsidiary of Eagers Automotive Limited. It does so by removing the remaining non-controlling interest associated with the business.
For shareholders, full ownership means no minority owner remains in the entity.
Earnings accretion basis
The expected accretion of 5.0% to 5.5% is based on pro-forma underlying operating profit before tax for the 12 months ended 30 June 2026. The pro-forma includes 12 months of CanadaOne earnings from 1 July 2025 to 30 June 2026 (unaudited).
The pro-forma basis draws on the CanadaOne Auto acquisition, which completed on 30 April 2026 and gave Eagers a 65% stake in a major Canadian dealer group, lifting combined pro-forma revenue to A$18.7 billion.
Underlying operating figures are non-financial measures and have not been subject to review by the company’s external auditors.
Fact vs. impact summary
| Item | Detail |
|---|---|
| Ownership acquired | Remaining 20% of EV Dealer Group Pty Ltd |
| Consideration | Cash and Eagers Automotive ordinary shares |
| Expected earnings accretion | 5.0% to 5.5% |
| Expected completion | By 31 October 2026 |
Understanding non-controlling interests and why buying them out matters
A joint venture is a business owned by two or more parties. A non-controlling interest is the minority stake held by an owner who does not control the business, and it normally entitles that owner to a share of the entity’s earnings.
Buying out the remaining 20% means Eagers Automotive shareholders capture the full earnings stream from EV Dealer Group Pty Ltd, which is the basis of the expected accretion.
- What changes: EV Dealer Group Pty Ltd becomes a wholly owned subsidiary of Eagers Automotive Limited.
- What is removed: the remaining non-controlling interest associated with the business.
- What shareholders gain: expected earnings accretion of 5.0% to 5.5%.
Completion expected by 31 October 2026
Completion of the acquisition of the remaining 20% interest in EV Dealer Group Pty Ltd is expected by 31 October 2026, with Eagers Automotive Limited the acquiring party. Completion would deliver full ownership and the expected 5.0% to 5.5% earnings accretion.
The announcement was dated 26 October 2026, so the completion date is still ahead. For investors, the takeaway is a binding, unconditional deal that is expected to be earnings accretive.
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