Penske Automotive Group to be taken private in a $16.3 billion deal
Penske Automotive Group agreed to a merger with Motown Acquisition Corp., an entity owned by Penske Corporation and Mitsui & Co. The agreement provides cash of $212.00 per share to shareholders, valuing the company at about $16.3 billion. Penske will own roughly 64% of the combined business and Mitsui about 36% after the transaction closes, which is expected in the first quarter of 2027 pending regulatory and shareholder approvals. The company’s NYSE shares will be delisted once the deal is completed.
