Pendragon hits near 1-yr high on $310 mln sale of UK motor, leasing businesses

Lithia Motors

18/09/2023 08:16

** Shares of Pendragon  PDG.L  surge as much as 27% to a
near one-year high of 23.50p
    ** The British automotive retailer will sell its UK motor
and leasing businesses to Lithia for 250 million pounds ($310
million) and enter a strategic partnership to expand its dealer
management software business to North America
    ** Companies also agree on the terms of a partnership
including the rollout of Pinewood, the British firm's dealer
management software (DMS) business, to Lithia Motors'  LAD.N 
existing 50 UK sites
    ** Stock top pct gainer on FTSE Small Cap  .FTSC  index
    ** As of last close, stock little changed YTD
    

 (Reporting by Aby Jose Koilparambil in Bengaluru)
 ((abyjose.koilparambil@thomsonreuters.com))