Johannesburg - Transport group Barloworld said on Tuesday it has sold its Australian auto retail unit for R1.3bn.
Barloworld [JSE:BAW], which had seven auto showrooms in Sydney and Melbourne, said it would use the cash to reduce debt and fund growth opportunities.
The deal - first announced last month - is effective as from March 31 2014.
Shares in Barloworld were up 0.6% at R1 10.99, largely in line with the JSE All-share index.