06:39 AM EDT, 08/22/2024 (MT Newswires) -- Advance Auto Parts ( AAP ) said Thursday it has agreed to sell Worldpac Inc., its automotive parts wholesale distribution business, to funds managed by Carlyle Group ( CG ) for $1.5 billion in cash.

The company expects net proceeds of about $1.2 billion after taxes and transaction fees.

The deal, slated to close before the year ends, is expected to simplify Advance Auto's enterprise structure and focus the company's efforts on the blended box business.

Shares of Advance Auto fell more than 7% in recent premarket activity Thursday.

Price: 57.00, Change: -4.92, Percent Change: -7.95