NEW YORK, June 24 (Reuters) - Ford Motor Co. expects to strike a deal to sell its UK-based Kwik-Fit car repair chain by the end of the year, the Wall Street Journal reported in its online edition on Monday.
The news comes on the heels of a report in British paper The Independent, which said that Ford may pull Kwik-Fit off the market if it did not get the $1 billion asking price.
"Under no circumstances have we changed our mind about selling Kwik-Fit," Ford spokesman David Reuter told the Journal. "It is likely that it will be this year," he added, noting that Ford had not set any deadlines.
Ford officials were not immediately available for comment.
The Independent reported over the weekend that Ford had received bids from private equity firms CVC Capital Partners, Apax Partners, Permira and Paribas Affaires Industrielles, but the offers were below its expectations.