LMP Automotive rises on purchase of GM, Nissan dealerships in Texas

LMP Automotive Holdings

19/07/2021 13:59

** Online automotive retailer's shares  LMPX.O  rise 7.5% to
$15.59 premarket
    ** Buys General Motors  GM.N  and Nissan  7201.T 
dealerships in Texas, including real estate, for ~$141 mln
 urn:newsml:reuters.com:*:nFWN2OT0AW
    ** Deal to generate ~$250 mln in annualized revenue, $27 mln
in adjusted core earnings in 2022
    ** Acquisition expected to be funded through a combination
of cash, $42 mln in common stock and debt financing
    ** Combined with Chrysler-Dodge Jeep Ram dealerships in New
York and Hometown Subaru in West Virginia, LMP's consol
annualized revenue and adjusted EBITDA per share run rate
expected to be ~$1.16 bln and $7.37, respectively - LMP CEO Sam
Tawfik
    ** Stock up 42% this year, as of last close

 (Reporting by Susan Mathew)
 ((susan.mathew@thomsonreuters.com))