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AutoNation, Inc. To Receive Approximately $1.2 Billion Cash From Sale Of Republic Services' Shares

Apr. 28, 1999

FORT LAUDERDALE, Fla., April 28 /PRNewswire/ -- AutoNation, Inc. (NYSE: AN) announced today that it has completed the sale of 100 million shares of Republic Services, Inc. (NYSE: RSG) at $16.875 per share. As a result of the sale, AutoNation expects to receive net cash proceeds of approximately $1.2 billion, which it will re-invest in capital projects, acquisitions, and stock repurchases, as market conditions warrant. The Company said the sale did not include an underwriters' over-allotment option of 12.1 million shares.

AutoNation, Inc. is the world's largest automotive retailer, with more than 380 automotive franchised dealerships in 20 states and 45 AutoNation USA used vehicle megastores in 13 states. AutoNation is also one of the country's leading automotive rental businesses, owning Alamo Rent-A-Car, National Car Rental system, Inc., and CarTemps USA.

SOURCE AutoNation, Inc.
Categories: Press Releases
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