Penske Automotive to Go Private at $16.3 Billion in Deal With Penske Corp and Mitsui

Penske Automotive Group agreed on October 15 to be taken private by Motown Acquisition Corp., an entity owned by Penske Corporation and Mitsui & Co., in a deal valuing the company at an enterprise value of approximately $16.3 billion. Public shareholders will receive $212.00 per share in cash, representing an 8.84% premium to the stock's closing price on October 14 and premiums of roughly 20% and 26% to the 60-day and 90-day volume-weighted average prices ended July 21, 2026, the last trading day before Penske and Mitsui submitted their initial unsolicited, preliminary proposal.

Upon closing, Penske Corporation will hold approximately 64% of the private company and Mitsui will hold the remaining 36%. Penske Automotive said it expects to continue paying its regular quarterly cash dividends through the close of the transaction. Shares of PAG rose about 8% on the news.