Penske Automotive Group agreed to go private, accepting a previously disclosed offer, in which parent company Penske Corp. and long-term minority shareholder Mitsui & Co. offered to purchase the 27.8% of Penske Automotive Group they didn’t already own, for a total of $3.9 billion in cash.
Mitsui and the other members of the investor group will receive $212.00 per share in cash, a premium of approximately 8.8% over the closing price of the company's common stock on October 14. It gives Penske Automotive Group an enterprise value of approximately $16.3 billion.
Once the transaction is closed, Penske Automotive Group shares will no longer be traded or listed on the New York Stock Exchange, the company said in an Oct. 15 press release. Closing is expected to be in the first quarter of 2027, pending shareholder and regulatory approval, according to the release.
“We are pleased to have reached this agreement with Penske and Mitsui, our largest shareholders,” said Penske Automotive Group board member David Hoogendoorn, in the press release. Hoogendoorn chaired a special committee of independent Penske Automotive Group board members that was formed to evaluate the proposal. The proposed deal was first disclosed on July 22, 2026.
“The Special Committee thoroughly reviewed the proposal and considered the benefits of the transaction as compared to continuing as a public company, and determined that this transaction provided the greatest value for the Company’s minority shareholders,” Hoogendoorn said in the release.
As of June 30, 2026, Penske Automotive Group operated 362 retail automotive franchised dealerships, of which 146 are located in the U.S., and 216 are located outside the country, mostly in the U.K., according to the chain’s second-quarter report.
Before the latest transaction, Penske Corp. Chairman Roger Penske and Penske Automotive Holdings Corp. already owned approximately 52% of the dealership group. Penske Automotive is based in Bloomfield Hills, Mich.
Meanwhile, Tokyo-based Mitsui and its U.S. subsidiary, Mitsui & Co., jointly owned about 20.3% of Penske Automotive Group before the deal, according to Mitsui’s announcement of the proposed transaction, in July.
Mitsui’s business includes an automotive segment dedicated to logistics, manufacturing, wholesale, retail, finance, leasing and rental of automobiles, parts, and related products, according to the company’s Services & Products page.
After going private, ownership of Penske Automotive Group will be approximately 64% Penske, 36% Mitsui, the companies said in the release.
