Toll Group has completed the sale of its Australian finished vehicle distribution service to PrixCar and the refrigerated business to Rand Refrigerated Logistics.
PrixCar is an automotive storage, processing and rectification specialist, a 50-50 joint venture between Toll and K-Line Auto-Logistics Pty Ltd. K-Line Auto-Logistics is half owned by Qube Logistics, which contributed $20m to the transaction.
As part of the transaction, Toll received $88.4 million cash. The sale generated a pre-tax gain of $44 million (approximately $35 million after tax), which will be recognised in the 2013 financial year.
Toll retains its 50 per cent interest in PrixCar, and will continue to account for its 50 per cent share of PrixCar