Penske Automotive Group agrees to $212 per share cash buyout
- Penske Automotive Group (NYSE:PAG) agreed to be acquired by a Penske Corporation and Mitsui buyer group for $212 per share in cash.
- The buyout offer values the automotive retailer at an enterprise value of approximately $16.3 billion.
- The transaction will take the company private and remove its common shares from the New York Stock Exchange.
Penske Automotive Group (NYSE:PAG) has agreed to be taken private by a buyer group formed by Penske Corporation and Mitsui for $212 per share in cash.
The offer price represents an 8.84% premium to the company's closing price on October 14, 2026, and values the enterprise at approximately $16.3 billion.
The cash consideration will be paid to all stockholders other than Penske Corporation, Mitsui, and other participating investor-group members.
The transaction carries no financing condition and was approved by the board of directors following a unanimous recommendation from its independent special committee.
The transaction is expected to close in the first quarter of 2027, subject to regulatory approvals and a vote by a majority of unaffiliated shareholders.
Upon completion of the transaction, Penske Corporation will own approximately 64% of the business while Mitsui will hold 36%, resulting in the delisting of Penske Automotive Group from the New York Stock Exchange.
