Asbury Automotive to acquire Jim Koons for about $1.2 bln (updated)

Asbury Automotive

08/09/2023 12:39

(Adds details from release throughout)
       Sept 8 (Reuters) - U.S. auto-dealer Asbury Automotive
Group  ABG.N  said on Friday that it would acquire Jim Koons
automotive dealerships group for about $1.2 billion.
    Jim Koons has 20 dealerships and 29 franchises in the United
States and posted over $3 billion in revenue in 2022.
    Asbury, which plans to fund the purchase with its existing
finances, said the deal value includes $740 million for goodwill
and about $417 million for real estate and leasehold
improvements.
    The transaction is expected to close in the fourth quarter
or early in the first quarter next year.

 (Reporting by Aishwarya Jain; Editing by Savio D'Souza)
 ((Aishwarya.Jain@thomsonreuters.com;))