Penske Automotive Accepts $16.3 Billion Take-Private Deal
Penske Corp and Mitsui will acquire Penske Automotive Group for $212 a share, with completion expected in the first quarter of 2027.
Key takeaways
- The deal values Penske Automotive Group at about $16.3 billion, including debt.
- Penske Corp and Mitsui are expected to complete the acquisition in the first quarter of 2027.
Penske Automotive Group agreed to be taken private by its largest shareholders, Penske Corp and Mitsui, in a deal valuing the auto retailer at about $16.3 billion, including debt.
The buyers will pay $212 per share. That price is an 8.6% premium to the company’s July 21 closing price, the day before the initial proposal became public.
Penske Corp owns more than 52% of Penske Automotive, while Mitsui holds more than 20%. After the acquisition, expected in the first quarter of 2027, Penske Corp is set to own about 64% and Mitsui the rest.
As of 20:00 UTC on Oct. 15, Penske Automotive shares traded at $212, up 8.84% from the previous close.
This article was produced with the help of AI technology. Based on reporting by the outlets listed above.
