The Standard Auto Parts chain sold $2,417.6 million worth of common stock to the eag Holdings group last month, making it the largest single share sale of its kind in U.S. history.
The deal, which also included $1.2 billion in cash, was announced last month in a letter to investors from President and CEO Mark Fishel.
The Standard Auto parts company, based in San Antonio, Texas, is a subsidiary of General Motors Co., which makes parts for the automaker’s Chevy Bolt electric vehicle.
The company sells specialty vehicles including the Chevrolet Sonic, Cadillac CTS, Cadillac ATS, Chevy Equinox, Cadillac ETS, Chevrolet Cruze, Chevrolet Equinoid, Cadillac Escalade, Chevrolet El Camino, Chevrolet Freightliner, GMC Sierra and GMC Yukon.
The deal represents the largest common stock sale of any U.K.-based automotive company in history.
The transaction was the result of a merger between EAG and Standard Auto, which merged with its parent company, EAG Holding, in 2017.
The deal was approved by a majority vote of the board of directors at the close of business on Feb. 13, 2018.
The purchase price was $6.50 per share, the company said in a statement.
Standard Auto was founded in the 1970s and is based in Stamford, Connecticut.
The auto parts company offers specialty vehicle parts for vehicles like the Chevrolet Silverado and Chevrolet Tahoe.
The acquisition of the eAG group, which includes other major players in the U.V.A., is the latest in a string of big corporate buyouts.
Earlier this month, Walmart Inc. announced it would buy rival Walgreens Boots Alliance, which has a similar business model to Standard Auto.
In a separate deal, Apple Inc. also said it was buying a smaller U.
Va.-based auto parts maker, Salsa, for $1 billion.
The eag holdings are controlled by Fisheh and two other brothers, who are known as the Fishers.
The brothers’ stake in the company has risen from just under 9% to nearly 50% in the last few years.