Advance Auto Parts Sells Brazil JV Stake for $10M

TL;DR

AAP selling Brazil JV for $10M to focus on North America.

AI Summary

Advance Auto Parts, Inc. announced on May 23, 2024, that it has entered into a definitive agreement to sell its remaining 1.5% interest in its Brazil joint venture to Grupo El Peñon for $10 million. This transaction is expected to close in the third quarter of 2024 and is part of the company's ongoing strategic review to optimize its portfolio.

Why It Matters

This divestiture allows Advance Auto Parts to further streamline its operations and focus on its core North American business, potentially improving financial performance.

Risk Assessment

Risk Level: low — The sale of a non-core asset for a relatively small amount is unlikely to pose significant risks to the company.

Key Numbers

• $10 million — Sale Price (Proceeds from the sale of the Brazil joint venture interest.)
• 1.5% — JV Stake (Percentage of the Brazil joint venture being sold.)

Key Players & Entities

• Advance Auto Parts, Inc. (company) — Seller
• Grupo El Peñon (company) — Buyer
• May 23, 2024 (date) — Announcement Date
• 1.5% (percentage) — Ownership stake sold
• $10 million (dollar_amount) — Sale price
• third quarter of 2024 (date) — Expected closing period

FAQ

From the Filing

0001158449-24-000162.txt : 20240614 0001158449-24-000162.hdr.sgml : 20240614 20240614160720 ACCESSION NUMBER: 0001158449-24-000162 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 14 CONFORMED PERIOD OF REPORT: 20240523 ITEM INFORMATION: Other Events FILED AS OF DATE: 20240614 DATE AS OF CHANGE: 20240614 FILER: COMPANY DATA: COMPANY CONFORMED NAME: ADVANCE AUTO PARTS INC CENTRAL INDEX KEY: 0001158449 STANDARD INDUSTRIAL CLASSIFICATION: RETAIL-AUTO & HOME SUPPLY STORES [5531] ORGANIZATION NAME: 07 Trade & Services IRS NUMBER: 542049910 STATE OF INCORPORATION: DE FISCAL YEAR END: 1228 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-16797 FILM NUMBER: 241044772 BUSINESS ADDRESS: STREET 1: 4200 SIX FORKS ROAD CITY: RALEIGH STATE: NC ZIP: 27609 BUSINESS PHONE: 5403624911 MAIL ADDRESS: STREET 1: 4200 SIX FORKS ROAD CITY: RALEIGH STATE: NC ZIP: 27609 8-K 1 aap-20240523.htm 8-K aap-20240523 0001158449 false 0001158449 2024-05-23 2024-05-23 0001158449 2024-05-26 2024-05-26   UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549   FORM 8-K   CURRENT REPORT   Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934   Date of Report (Date of earliest event reported): May 23, 2024   ADVANCE AUTO PARTS, INC. (Exact name of registrant as specified in its charter)   Delaware 001-16797 54-2049910 (State or other jurisdiction of incorporation) (Commission File Number) (I.R.S. Employer Identification No.)   4200 Six Forks Road , Raleigh , North Carolina 27609 (Address of principal executive offices) (Zip Code)   ( 540 ) 362-4911 (Registrant's telephone number, including area code)   Not Applicable (Former name or former address, if changed since last report)   Securities Registered Pursuant to Section 12(b) of the Act: Title of each class Trading symbol Name of each exchange on which registered Common Stock, $0.0001 par value AAP New York Stock Exchange Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions: ☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)   ☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)   ☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))   ☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter). Emerging growth company ☐ If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐ INFORMATION TO BE INCLUDED IN THE REPORT Item 8.01. Other Events. On May 23, 2024, Advance Auto Parts, Inc. (the "Company") identified unauthorized activity within a third-party cloud database environment containing Company data and launched an investigation with industry-leading experts. On June 4, 2024, a criminal threat actor offered what it alleged to be Company data for sale. The Company has notified law enforcement. There has been no material interruption to the Company's business operations due to the incident. Based on the review of files determined to have been impacted, the Company believes that some files contain personal information, including but not limited to social security numbers or other government identification numbers of current and former job applicants and employees of the Company. The Company anticipates providing notice of the incident, i