Penske Automotive Rises 8.4% as It Agrees to Be Taken Private by Penske Corporation and Mitsui & Co.

Deep News10-15 23:00

The transaction values the transportation services company at approximately $16.3 billion, and Penske Automotive Group has reached a deal to go private.

Penske Automotive Group has agreed to a privatization buyout by its largest investor, in a deal that values the entire enterprise at roughly $16.3 billion.

Penske Automotive Group announced on Thursday that the privately held Penske Corporation and Japan's Mitsui & Co., Ltd. will take the company private. The two parties currently hold a combined stake of about 72% in the Bloomfield Hills, Michigan-based company, and they have agreed to acquire all remaining outstanding shares for $212 per share in cash.

The transaction is expected to close in the first quarter of 2027.

The offer price represents an 8.8% premium to Penske Automotive's closing price of $194.79 on Wednesday, and an 8.6% premium to the closing price of $195.19 on July 21, the trading day before Penske and Mitsui first disclosed their $210-per-share offer.

Penske shares rose 8.5% to $211.37.

Penske Automotive said the deal values the enterprise at approximately $16.3 billion, and the transaction has no financing condition.

Former race car driver Roger Penske serves as chairman and chief executive officer of Penske Automotive and is also the owner of Penske Corporation. Following completion of the transaction, Penske Corporation will hold approximately 64% of Penske Automotive, with Mitsui & Co., Ltd. holding the remaining 36%.

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