Penske Automotive Group to be Taken Private by Penske Corp. and Mitsui for $16.30 Billion

Penske Automotive Group, Inc. (PAG) entered into a merger agreement on October 15, 2026, to be taken private by Motown Acquisition Corp., an entity owned by Penske Corporation and Mitsui & Co., Ltd., for a closing value of $16.30 billion.

Deal Structure:

Holders of Penske Automotive Group common stock, other than Penske Corporation, Mitsui and the other members of the investor group, will receive $212 per share in cash, representing a premium of 8.84% over the stock’s last close.

Company Profile:

Penske Automotive Group is an international automotive and commercial truck retailer operating franchised dealerships across the U.S. and several international markets, selling new and used vehicles and providing financing, maintenance, repair, and parts services. The company also distributes commercial trucks, engines, and power systems, and holds a 28.9% stake in Penske Transportation Solutions.

Penske Corporation is a privately held, diversified transportation services company headquartered in Bloomfield Hills, Michigan, with operations in automotive retail, truck leasing and rental, transportation logistics, manufacturing, and professional motorsports. Its businesses include Penske Automotive Group, Penske Truck Leasing, Penske Logistics, and Team Penske, providing vehicle sales, fleet management, truck rental, supply chain management, and motorsports services across multiple markets.

Mitsui & Co., Ltd. is a Japan-based global trading and investment company headquartered in Tokyo, with operations across mineral and metal resources, energy, iron and steel products, chemicals, mobility, infrastructure, food, healthcare, and digital services. The company engages in commodity trading, business development, project investment, and the management of businesses across international markets, operating through a global network spanning more than 60 countries and regions.

Deal Details and Timeline:

In July, the investor group led by Penske Corp and Mitsui had submitted a non-binding proposal to acquire Penske Automotive Group for $210 per share in cash. The stock was trading at $195.19 when the investor group, which already owned 72.2% of the company, had made the offer.

Upon completion of the deal, Penske and Mitsui will hold approximately 64% and 36% of the company’s ownership, respectively.

Penske Automotive expects to continue paying regular quarterly cash dividends until the deal closes. Each dividend will be no more than $0.02 per share higher than the dividend declared and paid in the previous quarter. The company will also pay a prorated dividend for any partial quarter before the deal closes.

The merger is expected to close in the first quarter of 2027.

Penske Automotive engaged Moelis & Co. as its financial advisor and Paul, Weiss, Rifkind, Wharton & Garrison and Freshfields as its legal advisors. Penske and Mitsui received financial advisory services from BofA Securities, J.P. Morgan Securities, and Wells Fargo Securities, and legal counsel from Jones Day and Debevoise & Plimpton.

The acquisition is priced at 15.85 times the EBITDA of Penske Automotive.

Deal Metrics:

For an in-depth analysis of this merger and acquisition transaction, visit our Deal Metrics page by clicking here:

Deal Metrics for the acquisition of Penske Automotive Group, Inc. (PAG) by Penske Corporation and Mitsui & Co.

The Deal Metrics page for each merger or acquisition includes:

• A comprehensive history chart of the merger from announcement to completion or termination.
• A detailed timeline of events, including regulatory approvals, shareholder votes, and more.
• Relevant news articles and SEC filings.
• Regularly updated deal progress reports.
• And much more.

Disclaimer: This article is for informational purposes only and does not constitute financial advice. Please conduct your own research and consult with a professional before making any investment decisions. We do not guarantee the accuracy or completeness of the data provided in this article.

Editor’s Note: Baranjot Kaur contributed to this article