Penske Automotive agrees to go private in a $16.3 billion deal

1 min read

The No. 2 U.S. dealership group will be bought out by Penske Corporation and Mitsui at $212 a share.

Penske Automotive Group, one of the largest car and commercial-truck retailers in the world, announced on Oct 15 that it has agreed to be taken private. The buyer, Motown Acquisition Corp., is owned by Penske Corporation and Japan's Mitsui & Co.

Public shareholders other than the investor group will receive $212.00 per share in cash, valuing the company at an enterprise value of about $16.3 billion. After closing, Penske Corporation would own about 64% of the company and Mitsui about 36%.

The deal is expected to close in the first quarter of 2027. It needs regulatory approvals, a majority vote of all outstanding shares and a majority of votes cast by unaffiliated stockholders. The company says the merger is not subject to a financing condition. Automotive News describes Penske Automotive as the nation's second-largest dealership group; it bought Longo Toyota, Toyota's largest-volume U.S. dealership, in 2025.

Sources: Penske Automotive Group (press release) · Automotive News · CNBC (Reuters)