Rush Enterprises Acquires Certain Assets Of Summit Truck Group

Rush Enterprises Inc RUSHA has acquired certain assets of Summit Truck Group, an International brand commercial vehicle dealership group in the U.S, for about $205 million, excluding the real property associated with the transaction.

• The company expects the acquisition to expand the network of Rush Truck Centers to 125 franchised dealership locations in 22 states.
• The sixteen newly acquired International brand commercial vehicle dealerships include five locations in Arkansas, three in Kansas, seven in Missouri, and one in Tennessee.
• The company also acquired Summit Truck Group's dealership facility in Wichita Falls, Texas, to be operated as a full-service Peterbilt commercial vehicle dealership.
• The company expects the transaction to be immediately accretive to cash flow and earnings.
• The company purchased certain real estate owned by affiliates of Summit Truck Group for $56 million.
• Rush Enterprises held $259.7 million in cash and equivalents as of September 30, 2021.
• Price Action: RUSHA shares closed lower by 0.07% at $53.57 on Tuesday.