Asbury rises on plans to expand foothold with Jim Koons Automotive purchase

Asbury Automotive

08/09/2023 15:43

** U.S. auto dealer Asbury Automotive Group  ABG.N  up
1.2%at $221.80 
    ** Asbury to acquire privately owned Jim Koons Automotive
for about $1.2 bln to increase its foothold in the Mid-Atlantic
region
    ** Deal includes a valuation of $740 mln for goodwill and
nearly $417 mln for real estate and leasehold improvements-
Asbury
    ** Co plans to fund the purchase price with its existing
liquidity, credit facility and cash on hand
    ** Shares on track to snap three straight sessions of
declines
    ** Stock has risen ~22.75% YTD, including session gains



 (Reporting by Judes Joseph in Bengaluru)
 ((judes.joseph@thomsonreuters.com))