Penske Corp and Mitsui to Take Penske Automotive Private

Penske Corporation and Mitsui & Co. have agreed to take Penske Automotive Group private in a transaction with an enterprise value of approximately $16.3 billion. The two entities, which already hold more than 70% of the transportation-services company, will pay $212 in cash for each share they do not currently own.

The offer represents an 8.8% premium over the Wednesday closing price of $194.79. The deal aims to consolidate ownership of the Bloomfield Hills-based company under its largest investors. The transaction is expected to close in the first quarter of 2027.