Genuine Parts Co (GPC.N), a U.S.-based automotive replacement parts distributor, said on Monday it would buy European peer Alliance Automotive Group in a deal valued at about $2 billion, including debt.

The deal will provide Genuine Parts entry into the European market, where Alliance Automotive is the second largest parts distributor, the company said.

Alliance Automotive distributes parts for light and commercial vehicle in France, Germany and the UK. It has 7,500 employees and over 1,800 company-owned stores and affiliated outlets in Europe.

READ FULL ARTICLE HERE