- Automotive retailer LMP Automotive Holdings Inc LMPX has agreed to acquire five import dealerships in Texas, including the associated real estate, for ~$62.5 million.
- LMP expects the acquisition to add about $35 million in adjusted EBITDA or $2.95 per share in 2022.
- The deal is expected to be closed in Q4 2021. Upon completion, LMP's total franchise and dealership count will be 56 and 40, respectively.
- The deal will be funded through a combination of cash on LMP's balance sheet, up to $6.25 million in common stock, and debt financing.
- LMP held $24.3 million in cash and equivalents as of June 30, 2021.
- Price Action: LMPX shares are trading higher by 5.98% at $17.19 on the last check Monday.
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