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AMA Group wraps up Suncorp companies

Suncorp has completed the sale of automotive businesses Capital Smart crash repairers and ACM Parts.

The businesses were sold to AMA Group, one of Australia’s largest vehicle repairers and parts and products manufacturers. AMA is chaired by former Suncorp CEO Insurance Anthony Day, who joined the company’s board in October last year and became Chairman in September this year.

Suncorp will book an after-tax profit of $285-295 million on the Capital Smart sale after the deal valued the business at $420 million.

Suncorp is retaining a 10% interest and will have a seat on the board as part of a long-term business relationship.

ACM Parts was sold for $20 million cash, broadly in line with book value.

The sales were announced early last month by Suncorp, which says it is focusing on its core insurance and banking operations.