Australia’s Eagers Auto to buy remaining stake in BYD joint venture

 Australia’s Eagers Automotive (ASX:APE) said on Monday it had entered a deal to buy the 20% remaining ownership stake in a joint venture with Chinese electric vehicle maker BYD.

Shares of the auto retailer jumped 7% to A$20.05 after the deal. 

Eagers will pay a combination of cash and stock for the stake, and did not specify the value of the deal. 

The deal is expected to be completed by end-October, and will be 5.0% to 5.5% earnings accretive for the company.

Eagers had entered a joint venture with BYD in 2022 to become the Chinese EV maker’s exclusive national retailer. BYD’s models were sold through Eagers showrooms across the country. 

The company had then hiked its stake in the joint venture to 80% in 2023, and in 2025 announced a new long-term agreement with BYD.