The Monetary Conduct Authority has given the go-ahead for US-based Lithia Motor’s takeover of the motor retail a part of Pendragon, together with its Pendragon Finance and Insurance coverage Companies Restricted enterprise.

Lithia’s acquisition is now anticipated to finish on January 31, 2024 – a date which will mark the start of the transformation of Pendragon into Pinewood Applied sciences, a pure-play software program enterprise, which operates the corporate’s seller administration software program enterprise.

And this enterprise will enter a strategic partnership with a completely owned subsidiary of Lithia Motors, to offer a foothold for the Pinewood DMS in North America.

Following completion of the transaction, Pendragon confirms its intention to return a money quantity equal to roughly 24.5 pence per bizarre share to shareholders by means of a particular dividend which is now anticipated to be paid in Q1/Q2 2024.

The board of Pinewood Applied sciences will likely be joined by two Lithia executives: Chris Holzshu, chief working officer, and George Hines, chief expertise officer, in non-executive director roles.

Mark Willis will step down as director and chief monetary officer of the Pinewood Applied sciences and his successor will likely be Oliver Mann.