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NASCAR Titan Roger Penske Takes Massive Dealership Group Off NYSE With Landmark $16.3 Billion Deal
EssentiallySports • • business
Key Points:
- Penske Automotive Group (PAG) announced a $16.3 billion take-private deal through a merger with Motown Acquisition Corp., owned by Penske Corporation and Mitsui & Co., offering $212 per share, an 8.84% premium over the recent closing price.
- Once completed, expected in Q1 2027 pending approvals, Penske Corporation will hold about 64% of PAG, with Mitsui owning 36%, consolidating their controlling interest and buying out remaining public shareholders.
- The transaction ends nearly 30 years of PAG’s public trading history on the NYSE and is seen as a move to enhance long-term strategic flexibility and operational innovation amid automotive industry changes.
- PAG operates a global network of automotive dealerships and related businesses, employing over 28,900 people, with Mitsui's continued partnership aimed at sustaining performance and supporting business development.
- The deal reflects Roger Penske’s long-term vision of building and expanding enterprises beyond racing, emphasizing collaboration and growth across automotive retail, transportation, and motorsports sectors.
