Peter Warren Automotive Holdings Ltd (ASX:PWR) has announced it has agreed to acquire 100% of Penfold Motor Group for a total estimated consideration of $104m, including net assets, with the takeover expected to be completed in early December. CEO of Peter Warren Automotive, Mark Weaver, said the acquisition is an ?important step in delivering on our growth in Victoria, as we roll out our proven auto-mall concept that has been very successful in Sydney and Queensland for generations?.
Following the announcement, Peter Warren Automotive shares jumped 5.67% to $3.17/share.