Ford selling its APCO service unit
US based automaker Ford Motor has announced that they are now selling off their Automobile Protection Corp. to private equity fund Trident IV L.P.
This company division sells vehicle service contracts. Ford did not however reveal the financial aspects of this new deal.
Ford added that they expect this deal to close during the second quarter and is subject to closing conditions. They would require regulatory approvals for closing this deal.
The company had earlier acquiring this division for $180 million in 1999 under former CEO Jacques Nasser. This was part of their plans to enter other industries besides making cars.
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