Fox Auto Parts: Fox will buy the auto parts chain, Fox Business Network report says

Fox Auto parts is expected to announce its purchase of Fox Autoparts chain in a conference call Thursday.

Fox will also invest in the new company.

The new Fox AutoParts is expected at an annual cost of $1.3 billion, according to Fox Business analyst Adam Jonas.

Fox plans to create approximately 500 jobs in its Phoenix, Ariz., manufacturing facilities.

The company has also acquired the assets of Fox Motorcars, the parent company of Fox Sports and Fox Sports Southwest, the company announced.

The auto parts maker has more than 5,300 dealerships in the U.S. and Canada.

Fox said it will also create an online service to assist its customers in selecting the right auto parts at a reasonable price.

Fox Auto is expected also to invest in a new business, which is being formed by Fox Finance and Fox Business, according the company.