10/15/2026
Penske Automotive Group accepts buyout bid that values retailer at $16.3 billion.
Penske Automotive Group said it will go private after agreeing to a bid from shareholders Penske Corp. and Mitsui & Co. that values the automotive retailer at $16.3 billion.
Penske Automotive said Oct. 15 that Penske Corp. and Mitsui would buy the retailer’s remaining shares at a purchase price of $212 per share. That’s slightly higher than the $210 per share the two buyers first proposed July 22.
The deal is expected to close in the first quarter of 2027, subject to regulatory conditions and shareholder approvals.
With Mitsui, the company will “draw on our combined capabilities and networks to drive innovation” and grow the business “through new opportunities and collaborative projects,” Penske said.
Penske Automotive Group, of Bloomfield Hills, Mich., ranks No. 2 on Automotive News’ list of the top 150 dealership groups based in the U.S., retailing 259,502 new vehicles in 2025.