Penske Automotive Agrees to $212-a-Share Take-Private Deal

Published October 17, 2026

Illustrative showroom photo, not an identified Penske Automotive facility or a depiction of the transaction. Photo: Crosby Hinze / Unsplash image source (Unsplash License).

Penske Automotive Group has agreed to be taken private by Penske Corporation and Mitsui, with outside shareholders set to receive $212 in cash per share if the transaction closes. The October 15 announcement values the business at approximately $16.3 billion on an enterprise-value basis—not simply the amount paid for publicly held shares.

Under the announced merger agreement, the buyers’ Motown Acquisition Corp. would acquire the retailer. Penske Corporation would own 64% and Mitsui 36% after completion. The board approved the deal following a unanimous recommendation from its independent, disinterested special committee.

Approval is still required

The companies target closing in the first quarter of 2027. Conditions include regulatory clearance, approval by a majority of outstanding voting shares, and approval by a majority of votes cast by unaffiliated shareholders. The transaction has no financing condition.

Penske Automotive would leave the New York Stock Exchange only after closing. It remains a proposed transaction, not a completed change in ownership. The release is also available in the company’s SEC filing.

What the announcement does—and does not—mean

For readers following dealership ownership, the immediate distinction is between signing an agreement and completing it. The stated timetable is a target; the required approvals remain gates to closing. The ownership proposal alone does not establish a change to an individual customer’s purchase or service arrangements.

Penske says it will release third-quarter results before the market opens October 28, but will not hold an earnings conference call.

For broader market context, see our separate report on global car registrations and European import trends. Those market figures do not establish the rationale for this transaction.

Photo credit: Illustrative showroom photo, not an identified Penske Automotive facility or a depiction of the transaction. Photo: Crosby Hinze / Unsplash image source (Unsplash License).