Penske Automotive Group has agreed to be taken private by Penske Corp and Mitsui in a deal valuing the business at about $16.3 billion including debt. The purchase price is $212 a share, an 8.6% premium to the stock's July 21 close.
01Summary
- 01Penske Automotive Group said on Thursday it had agreed to be taken private by Penske Corp and Mitsui.
- 02The deal values the auto retailer at about $16.3 billion including debt.
- 03The offer price is $212 per share, which is an 8.6% premium to the company's closing price on July 21.
- 04Penske Corp owns over 52% of Penske Automotive Group and Mitsui holds over 20%.
- 05The acquisition is expected to complete in the first quarter of 2027.
02Why it matters
The deal will remove a listed auto retailer from public markets and sets a clear cash value for shareholders. It also changes control of a major dealership chain, with Penske Corp set to increase its stake.
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