Penske Automotive to go private at $212 a share in $16.3 billion deal

Penske Automotive Group said on October 15, 2026 that it had signed a deal to be bought by Motown Acquisition Corp., a vehicle controlled by Penske Corporation and Japan's Mitsui & Co., in a transaction that values the auto and truck retailer at roughly $16.3 billion including debt.

Minority holders of the Bloomfield Hills, Michigan-based company will be paid $212.00 in cash for each share, the company said. That is about 8.84% above where the stock closed on October 14, 2026, and about 8.6% above the close on July 21, 2026, the last session before Penske and Mitsui made an unsolicited, non-binding offer for the shares they did not already own.

Once the deal closes, the company will leave the New York Stock Exchange, with Penske Corporation holding about 64% and Mitsui about 36%.

A special committee of independent directors, advised by Moelis & Company and Paul, Weiss, backed the agreement, and the board approved it. Roger Penske, chair and chief executive, said the transaction "marks an important next chapter for PAG."

The buyers do not need a financing condition. Shareholders must approve the sale, including a separate majority of votes cast by unaffiliated holders. Closing is expected in the first quarter of 2027. Third-quarter results are due October 28, 2026, without a conference call.

This story was first reported by PR Newswire.