Japanese conglomerate, Itochu, has purchased the U.K. automotive company, Kwik-Fit, Financial Times reports. French private equity firm, PAI Partners, has sold Kwik-Fit for about £637 million. The purchase price includes £457 million debt from a syndicate of banks led by Barclays. Credit Suisse and Morgan Stanley acted as the advisors for PAI, while Itochu was advised by Nomura.

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