Penske Automotive agrees to be taken private by Penske, Mitsui
Penske Automotive agrees to be taken private by Penske, Mitsui Oct 15 (Reuters) - Penske Automotive Group PAG.N on Thursday said it had agreed to be taken private by its largest shareholders, Penske Corp and Japan's Mitsui 8031.T, in a deal that values the auto retailer at about $16.3 billion, including debt.
Shares of the auto dealership chain were up 8.6% before the bell
The $212 per share purchase price represents an 8.6% premium to the company's closing price on July 21, the day before the initial proposal was made public
Transportation company Penske Corp owns over 52% of Penske Automotive Group, while Mitsui holds over 20%
Upon completion of the acquisition, expected in the first quarter of 2027, Penske Corp will own approximately 64% of the auto retailer and Mitsui the remaining
(Reporting by Aatreyee Dasgupta in Bengaluru; Editing by Jonathan Ananda)
((Aatreyee.Dasgupta@thomsonreuters.com;))
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Brief: Penske Automotive Group Announces Agreement To Be Taken Private By Penske Corporation And Mitsui & Co.