Penske Automotive Group to go private in $16.3 billion deal

Penske Automotive Group (PAG) has entered into a merger agreement to become a privately held company through Motown Acquisition Corp, an entity owned by Penske Corporation and Mitsui & Co. Under the terms of the deal, common stock holders—excluding Penske Corporation, Mitsui, and other members of the investor group—will receive $212 per share in cash. This transaction values the company at approximately $16.3 billion.

Following the completion of the merger, Penske Corporation will hold approximately 64 per cent of the ownership, while Mitsui will hold 36 per cent. Once the transaction is finalized, PAG’s shares will no longer be listed or traded on the New York Stock Exchange. The deal is expected to close by the first quarter of 2027, subject to regulatory and shareholder approvals.