Billionaire Emerges on $Two Billion Advance Auto Parts Deal

O. Temple Sloan Jr., the founder and chairman of General Parts International Inc., emerged as a billionaire today after announcing his family will sell its auto-parts company to Advance Auto Parts Inc. for $Two.04 billion.

General Parts is the Raleigh, North Carolina-based parent of the Carquest chain that sells and distributes replacement parts, devices, supplies and equipment for cars and trucks, according to a statement today from Advance Auto Parts. Read More