- Group 1 Automotive Inc GPI has agreed to acquire all the assets, including real estate, of Prime Automotive Group, headquartered in Westwood, Massachusetts, for an undisclosed sum.
- Prime Automotive has 30 dealership locations and three collision centers in the Mid-Atlantic and New England markets.
- In 2020, the Prime dealerships generated $1.8 billion in annual revenues and retailed over 52,000 new and used vehicles.
- After completing the deal, Group 1's consolidated brand mix is expected to be approximately 43% luxury, 36% non-luxury import, and 21% non-luxury domestic.
- Group 1 Automotive held $198.7 million in cash and equivalents as of June 30, 2021.
- Price Action: GPI shares are trading higher by 2.77% at $162.66 on the last check Monday.
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
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