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[SITUATION] · [QUIET] · [BUSINESS]

2 clusters · 7 sources · 4 days · First seen · Last updated

Penske Automotive Group privatization deal

Overview

Penske Automotive Group has entered into a merger agreement to become a privately held company through Motown Acquisition Corp, a vehicle owned by Penske Corporation and Mitsui & Co. The transaction values the automotive dealership giant at approximately US$16.3 billion, including debt.

Under the terms of the deal, minority shareholders will receive US$212 per share in cash, representing an 8.8% premium over the stock’s closing price on October 14. Upon completion of the merger, Penske Corporation is expected to hold roughly 64% of the company, while Mitsui & Co. will hold 36%.

The deal is subject to regulatory and shareholder approvals, with the closing anticipated by the first quarter of 2027. Once finalized, the company will no longer be listed or traded on the New York Stock Exchange.

Entities

Penske Automotive Group · Mitsui & Co. · Roger Penske · Motown Acquisition Corp. · Motown Acquisition Corp

Timeline

  1. [BUSINESS] 2 sources
    Penske Automotive Group to go private in $16.3 billion deal

    Penske Automotive Group will go private in a $16.3 billion merger with Motown Acquisition Corp, owned by Penske Corporation and Mitsui & Co., with shareholders receiving $212 per share in cash.

  2. [BUSINESS] 5 sources
    Penske Automotive Group to go private in US$16.3 billion deal

    Penske Automotive Group will go private in a US$16.3 billion deal led by Penske Corp and Mitsui & Co., offering minority shareholders US$212 per share in cash.

Sources

bigrigs.com.au · businessnews.com.my · fullyloaded.com.au · hedgeco.net · kansasreflector.com · notiziedi.it · primemovermag.com.au