Penske Automotive Group to be taken private in $16.3 billion deal

Penske Automotive Group, Inc. (NYSE: PAG) has entered into a merger agreement to be taken private by Motown Acquisition Corp., an entity owned by Penske Corporation and Mitsui & Co., Ltd. The deal values the diversified transportation services company at approximately $16.3 billion in enterprise value.

Under the terms of the agreement, common stockholders, excluding Penske Corporation and Mitsui, will receive $212.00 per share in cash. This purchase price represents a premium of approximately 8.8% to the stock's closing price on October 14, 2026. Following the transaction, Penske Corporation will hold approximately 64% of the company and Mitsui & Co. will hold 36%.

The transaction is expected to close in the first quarter of 2027, subject to regulatory approvals and the affirmative vote of a majority of the outstanding shares, including a majority vote from unaffiliated stockholders. Penske Automotive Group's shares will cease trading on the New York Stock Exchange upon completion.

Roger Penske, Chair and CEO of Penske Automotive Group, commented on the agreement with Mitsui, a shareholder for 25 years, expressing confidence in building on operational excellence and expanding the business through combined capabilities and networks.