Mitsui Joins Penske Corp. in $3.9 Billion Take-Private Deal

MT Newswires Live10-16

Mitsui & Co. (TYO:8031) has agreed to jointly acquire the remaining publicly held shares of NYSE-listed Penske Automotive Group with Penske Corp. for approximately $3.9 billion, taking the US automotive retailer private.

The agreement follows a non-binding proposal submitted in July. It offers $212 per share in cash to shareholders outside the existing investor group, valuing Penske Automotive's equity at approximately $13.9 billion, according to a Thursday filing.

Mitsui and Penske Corp. have committed up to $1.6 billion and $600 million in equity financing, respectively, with the balance funded through third-party debt.

Upon completion, Mitsui's stake in Penske Automotive will increase to about 36% from 20.3%, while Penske Corp.'s ownership will rise to 64% from 52.1%.

The deal is expected to close in the final quarter of the fiscal year ending March 2027, subject to shareholder and regulatory approvals.

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