TBC Corp., owned by Sumitomo Corp. of America, announced in the United States on April 30 that it has completed the acquisition of Midas Inc. through one of its wholly owned subsidiaries, with Midas being the surviving corporation.
The transaction is valued at approximately $310 million (24.7 billion yen), including the assumption of approximately $137 million in debt and pension liabilities.
TBC, which is one of the largest marketers of automotive replacement tires in North America, is a wholesale supplier to independent regional tire retailers and distributors throughout the United States, Canada and Mexico.
Midas is one of the world’s largest providers of automotive service, offering brake, maintenance, tires, exhaust, steering and suspension services at nearly 2,250 franchised, licensed and company-owned Midas shops in 13 countries, including nearly 1,500 in the United States and Canada.
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