Eagers Automotive has agreed to buy the remaining 20% of EV Dealer Group, the joint venture that runs its BYD retail business, taking its ownership to 100%. The binding and unconditional deal was announced on Monday 26 October and was due to complete by 31 October.

The terms

Eagers is paying in cash and its own shares but has not disclosed the total consideration or the cash component. It will issue 1,126,779 shares, worth about $21.1 million, to the holder of EVDirect.com 2 Pty Ltd, held in voluntary escrow for 12 months after completion.

Eagers expects the deal to add 5.0% to 5.5% to earnings, measured on pro-forma underlying operating profit before tax for the 12 months to 30 June 2026. It said the purchase removes “the remaining non-controlling interest associated with the business”. Autotalk reported, citing Reuters, that Eagers shares rose about 7% on the news to around $20.

From 49% to 100%

Eagers formed the venture with EVDirect, founded by Luke Todd, to retail BYD vehicles nationally after the brand’s 2022 launch. It lifted its stake from 49% to 80% in July 2023, paying $70 million for the additional 31%. BYD Australia took over national distribution from EVDirect in July 2025, leaving EV Dealer Group focused on retail.

The brand has momentum. BYD was Australia’s second-best-selling brand in September with 8,191 sales, up 61.1%, according to VFACTS, and recently passed 150,000 Australian deliveries.

A busy acquirer

The deal follows Eagers’ purchase of 50% of the Zagame group in September and its acquisition earlier this year of 65% of CanadaOne Auto Group. Buying out a minority partner in a business it already controls is a lower-risk way to grow earnings than a new acquisition, although it increases Eagers’ exposure to one Chinese brand in a market facing price competition and shifting demand.

The takeaway for owners

Paying partly in scrip, with escrow, is a common way for acquirers to conserve cash and keep a vendor aligned after a deal. For founders holding minority stakes in joint ventures, the transaction is a reminder that the exit path and pricing mechanism are best agreed at the start.

Sources: Autotalk Australia (26 October 2026); Kalkine (29 October 2026).