Penske Automotive to Be Taken Private by Penske, Mitsui — Update
By Colin Kellaher
Penske Automotive Group has agreed to be taken private by the transportation-services company's biggest investors for about $4 billion.
Penske Automotive on Thursday said privately held Penske Corp. and Japan's and Mitsui & Co., which already own about 72% of the Bloomfield Hills, Mich., company, have agreed to pay $212 in cash for each share they don't already hold.
The deal, slated to in the first quarter of 2027, represents a premium of 8.8% to Wednesday's closing price of $194.79 for Penske Automotive and is 8.6% above the closing price of $195.19 on July 21, before Penske and Mitsui disclosed an initial bid of $210 a share for the company.
Shares of Penske Automotive were recently up 8.5% to $211.37 in premarket trading.
Penske Automotive said the transaction, which gives the company an enterprise value of about $16.3 billion, isn't subject to a financing condition.
Former race-car driver Roger Penske is chairman and chief executive of Penske Automotive and the owner of Penske Corp., which will own about 64% of Penske Automotive after the deal closes, with Mitsui holding the 36%.
Write to Colin Kellaher at colin.kellaher@wsj.com
(END) Dow Jones Newswires
October 15, 2026 08:28 ET (12:28 GMT)
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