Ailing car dealership group AP Eagers has reluctantly agreed to a $25 million drop in the price tag to enable the sale of its refrigerated logistics business to private equity group Anchorage Capital to proceed.

The renegotiated price tag down to $75 million comes because of a slowdown in the economy triggered by the coronavirus pandemic and in an environment where many acquisitions are being abandoned by companies across industries because of the economic turmoil.