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Ford Announces Agreement to Sell Automobile
Protection Corporation
DEARBORN,
Mich., March 2 /PRNewswire-FirstCall/ -- Ford Motor Company
[NYSE: F] announced today that it has entered into a definitive
agreement to sell Automobile Protection Corporation (APCO) to Trident
IV, L.P., a private equity fund managed by Stone Point Capital LLC.
This
transaction is the result of the review of strategic options for the
business announced by Ford on October 11, 2006.
The sale is expected to close during the second quarter and is subject
to customary closing conditions, including applicable regulatory
approvals. Terms and conditions specific to the agreement are not
being
disclosed at this time.
APCO, a wholly-owned subsidiary of Ford Motor Company, was purchased
by
Ford Motor Company in July 1999. APCO offers vehicle service contracts
and related after-market products to dealers of all makes and models.
Stone Point Capital is a global private equity firm
based in Greenwich,
Connecticut that manages the Trident Funds and has raised more than
$8
billion in committed capital to make investments in the global insurance
and financial services industries.
Ford Motor Company, a global automotive industry leader based in
Dearborn, Mich., manufactures and distributes automobiles in 200
markets
across six continents. With about 300,000 employees and more than
100
plants worldwide, the company's core and affiliated automotive brands
include Aston Martin, Ford, Jaguar, Land Rover, Lincoln, Mazda, Mercury
and Volvo. Its automotive
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