Penske Automotive Acquires Three BMW MINI Dealerships In UK

Penske Automotive Group Inc PAG U.K. subsidiary has acquired three Bayerische Motoren Werke AG BMWYY BMW MINI dealerships and a collision center in the U.K.
The dealerships, located in South East England, north of London, complement the company's 32 BMW MINI franchises operated in the U.K. market.
Penske Automotive expects the acquisition to generate $250 million in annualized revenues.
The company funded the deal using existing capacity under its U.K.-based credit agreement.
The company held $100.7 million in cash and equivalents as of December 31, 2021.
Price Action: PAG shares closed lower by 6.50% at $93.72 on Thursday.

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