Penske Automotive Agrees to $16.3 Billion Go-Private Deal With Major Shareholders Penske, Mitsui

09:10 AM EDT, 10/15/2026 (MT Newswires) -- Penske Automotive (PAG) has agreed to be taken private by Penske and Mitsui, its two largest shareholders, in a merger deal that values the diversified transportation services company at about $16.3 billion. Penske Automotive stockholders, excluding Penske, Mitsui and other members of the investor group, will receive $212 per share in cash under the terms of the transaction, representing a premium of 8.8% to the company's closing price on Wednesday. Motown Acquisition, an entity owned by Penske and Mitsui, will take the company private. Shares of Penske Automotive increased 8.8% in Thursday's recent premarket activity. The stock has gained 23% so far this year. "This transaction marks an important next chapter for (Penske Automotive)," the company's chief executive, Roger Penske, said in a statement. "Together with Mitsui, we will build on PAG's operational excellence and draw on our combined capabilities and networks to drive innovation and expand PAG's business through new opportunities and collaborative projects." The deal, which requires shareholder and regulatory approval, is expected to complete in the first quarter of next year. Following completion, Penske Automotive will no longer trade on the New York Stock Exchange. Penske will own a 64% stake in the company, and Mitsui will hold the remaining 36%. In July, Penske Automotive confirmed it received an unsolicited non-binding offer from Penske and Mitsui to purchase the remaining shares they don't already own in the company for $210 apiece in cash. Penske, Mitsui and their affiliates held a stake of 72.6% in Penske Automotive, it said at the time. The buyout bid for Penske Automotive was a testament to the quality of the company's business, Morgan Stanley said in an emailed client note in July. The company is a "high quality family owned asset" and a "well managed organization with a diversified portfolio and prudent capital allocation," the brokerage said at the time. Penske Automotive plans to release its third-quarter results on Oct. 28, but cancelled its scheduled conference call in light of the transaction. In July, the company reported better-than-expected second-quarter earnings and revenue. In another recent take-private deal, dating apps operator Bumble (BMBL) agreed Tuesday to be acquired by technology-focused holding company Ithaca Holdings in an all-cash transaction valued at $1.3 billion. Earlier this week, visual content creation company Getty Images (GETY) entered into a restructuring agreement that will take it private, securing commitments for up to $533 million in new equity investments from members of the Getty family and affiliates of Koch Equity Development.