Australia's AMA to spin off auto component arm, sell panel repair biz for $395m

Australia's AMA to spin off auto component arm, sell panel repair biz for $395m

The ticker and trading information for Blackstone Group is displayed at the post where it is traded on the floor of the New York Stock Exchange (NYSE) April 4, 2016. REUTERS/Brendan McDermid - RTSDKHE

Australia’s AMA Group Ltd said on Friday it would spin off its automotive component, accessory and procurement business and separately sell its vehicle panel repair arm to funds advised by buyout firm Blackstone Group for an enterprise value of A$508 million ($394.92 million).

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