Penske Automotive Group, Inc. completed the acquisition of Don Allen Auto Service, Inc. from Penske Investments Limited Partnership.
January 15, 2024
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Penske Automotive Group, Inc. (NYSE:PAG) entered into a stock purchase agreement to acquire Don Allen Auto Service, Inc. from Penske Investments Limited Partnership for $12.3 million on December 22, 2023. The purchase price payable in cash, is subject to certain adjustments. Penske Automotive Group has retained a $650,000 holdback from the purchase price to account for potential adjustments to the purchase price. The transaction is subject to customary conditions, including, receipt of approval of the transactions by certain automotive manufacturers, approval of Penske Automotive Group, Inc. Board of Directors, receipt of certain governmental approvals and licenses, execution and delivery of deliverables including duly executed resignations of all officers and directors of Don Allen Auto Service and the absence of a material adverse change affecting the Dealerships or the Dealership Entity?s real property. Transaction is expected to close in the first quarter of 2024. Lawrence N. Bluth acted as legal advisor to Penske Automotive Group.
Penske Automotive Group, Inc. (NYSE:PAG) completed the acquisition of Don Allen Auto Service, Inc. from Penske Investments Limited Partnership on January 16, 2024.
Penske Automotive Group, Inc. is a diversified international transportation services company. The Company is also engaged in automotive and commercial truck retailing. The Company operates dealerships in the United States, the United Kingdom, Canada, Germany, Italy, and Japan and retailers of commercial trucks in North America for freightliner. The Company operates through four segments: Retail Automotive, Retail Commercial Truck, Other, and Non-Automotive Investments. The Retail Automotive segment consists of its retail automotive dealership operations. The Retail Commercial Truck segment consists of its retail commercial truck dealership operations in the United States and Canada. The Other segment consists of its commercial vehicle and power system distribution operations. The Non-Automotive Investments segment consists of its equity method investments in non-automotive operations, which includes its investment in Penske Transportation Solutions (PTS) and various other investments.