Penske Automotive agrees to be taken private by Penske, Mitsui

Penske Automotive Group on Thursday said it had agreed to be taken private by its largest shareholders, Penske Corp and Japan's Mitsui , in a deal that values the auto retailer at about $16.3 billion, including debt. Shares of the auto dealership chain were up 8.6% before the bell. The $212 per share purchase price represents an 8.6% premium to the company's closing price on July 21, the day before the initial proposal was made public. Transportation ​company Penske Corp owns over 52% of Penske Automotive ​Group, while Mitsui holds over 20%. Upon completion of the acquisition, expected in the first quarter of 2027, Penske Corp will own approximately 64% of the auto retailer and Mitsui the remaining.