Thu, Jan. 7, 5:26 PM
- Penske Automotive Group (PAG -3.6%) has taken a 49% stake in Japan's Nicole Group, a luxury dealership group operating in Kanagawa and Tokyo.
- Nicole Group has been named the best BMW dealership in Japan seven times; it operates four BMW (and three Mini) dealerships, along with a Rolls-Royce dealership, a Ferrari dealership, two stand-alone service centers and two pre-owned showrooms.
- Penske plans to treat its stake as an equity investment, putting its pro rata share of income reported as equity in earnings of affiliates.
- Shares are flat in after-hours action.
Jul. 29, 2013, 12:39 PM
- Penske (PAG +0.9%) will pay $200M for the distributor of commercial vehicles, related spare parts and aftermarket support.
- The transaction should close in Q3.
- The deal will bring in $420-460M in annual revenue, will be "$0.10-0.14 accretive on an annualized basis," and will result in $0.02/ share in acquisition costs next quarter.
Jan. 12, 2012, 2:41 PM
Penske Automotive (PAG +1.9%) expands its U.K. presence with the acquisition a number of dealerships in Belfast from the Isaac Agnew Group. Terms were not disclosed, but the company says the dealerships are expected to contribute approximately $500M in annualized revenue.| Jan. 12, 2012, 2:41 PM