Penske Automotive Group, Inc. entered into a stock purchase agreement to acquire Don Allen Auto Service, Inc. from Penske Investments Limited Partnership for $12.3 million.

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.