Carlyle Group to buy Advance Auto Parts' Worldpac unit for $1.5 billion

FILE PHOTO: The logo of the Carlyle Group is displayed at the company's office in Tokyo, Japan October 17, 2018. REUTERS/Issei Kato/File Photo

(Reuters) -Advance Auto Parts said on Thursday private equity firm Carlyle Group would buy its Worldpac unit for $1.5 billion in cash, sending its shares about 11% higher in premarket trade.

Worldpac, a wholesale parts distribution business, generated about $2.1 billion in revenue for the year ended June 30.

The deal is expected to close before the end of the year.

Centerview Partners served as financial advisor to Advance, while Hogan Lovells US served as legal advisor on the transaction.

(Reporting by Nathan Gomes in Bengaluru; Editing by Devika Syamnath)