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00:02Penske Automotive Group announced Thursday that it has agreed to be taken private by its largest shareholders, Penske Corp and
00:09Japan's Mitsui,
00:10in a deal valued at approximately $16.3 billion, including debt, according to CNBC.
00:16The $212 per share purchase price represents an 8.6% premium to the auto retailer's closing price on July
00:2221, before the initial proposal became public.
00:25Penske Corp currently owns more than 52% of Penske Automotive Group, while Mitsui holds more than 20%.
00:31The acquisition is expected to close in the first quarter of 2027.
00:35Upon completion, Penske Corp will own approximately 64% of the company, with Mitsui holding the remainder.
00:41Penske Automotive shares rose 8.6% in pre-market trading.
00:44For all things money, visit Benzinga.com.
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