Mitsubishi Expands in Canada with A$1.04bn Investment in Eagers' Used-Car Businesses
In a significant move, Mitsubishi Corporation (MC) is investing in Eagers Automotive's used-car businesses, easyauto123 and Carlins, to expand into the Canadian market. The transaction, valued at A$1.04bn, includes a 65% stake in CanadaOne, a major Canadian dealership group managing 42 franchised dealerships.
The deal, announced on October 1, 2025, involves a cash payment of A$658m and A$386m worth of exchangeable shares of Eagers. Following the acquisition, expected to be finalized in the first quarter of 2026, CanadaOne's shareholders will become Eagers' second-largest shareholder. Pat Priestner will continue as CEO of CanadaOne, with the existing senior management team remaining in place.
The Canadian entity is valued at A$2.71bn, inclusive of debt. The headquarters of CanadaOne will continue to operate out of Edmonton, Alberta, ensuring business continuity and local presence.
This strategic investment by Mitsubishi Corporation in Eagers Automotive's used-car businesses marks a significant step towards expanding their presence in the Canadian market. The acquisition, once finalized, will bring a new shareholder to CanadaOne, with minimal disruption to its operations and management.
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