UPDATE 4-Advance Auto expands repair shop business with $2 bln buy
* To buy General Parts, biggest operator of Carquest chain
* New company to have annual sales of $9.2 bln
* Advance Auto 3rd-qtr sales rise 4.3 pct
* Advance Auto shares jump as much as 20 pct (Adds link to Breakingviews)
By Sagarika Jaisinghani
Oct 16 (Reuters) - Advance Auto Parts Inc will buy 1,418 outlets of the Carquest chain to boost its auto repair operations to complement its car parts business, sending its shares up as much as 20 percent to a record high.
Advance Auto, which sells products such as batteries, air fresheners and engine parts, said it would buy General Parts International Inc for just over $2 billion, creating the largest North American retailer of auto parts.
General Parts is the biggest operator of the Carquest chain, which runs auto repair shops and car parts stores. General Parts also owns Worldpac, the No.1 supplier of replacement parts for imported car and truck brands.
Carquest and Worldpac - two of the largest automotive retail parts suppliers in North America - had sales of $2.9 billion in the last 12 months. Continued...