Penske Automotive Group announced a take-private agreement on Oct. 15, 2026, that values the company at approximately $16.3 billion on an enterprise-value basis and would consolidate ownership under Penske Corporation and Mitsui. Completion is expected in the first quarter of 2027, subject to closing conditions.

Rapid News Brief: Eligible shareholders outside the investor group would receive $212 per share in cash. The signed agreement is not a completed acquisition, and the enterprise valuation is not the cash amount being paid for the remaining publicly held shares.

Existing owners would increase their stakes

According to Penske Automotive’s announcement, the buyer is Motown Acquisition Corp., an entity owned by Penske Corporation and Mitsui. After completion, Penske would own approximately 64% and Mitsui approximately 36%.

A Mitsui announcement filed with the SEC puts their existing stakes at approximately 52.1% and 20.3%, respectively. It estimates about $3.9 billion for the shares receiving cash consideration, excluding specified awards, fees, financing costs and other expenses.

Votes and approvals remain

The companies identify shareholder votes and regulatory approvals among the remaining conditions. The proposed transaction requires both a majority of outstanding shares entitled to vote and a majority of votes cast by unaffiliated shareholders, according to Penske Automotive.

The deal has no financing condition. That provision does not remove the other closing requirements or make the projected timetable certain. The company’s shares would leave the New York Stock Exchange after completion, not upon announcement.

Penske Automotive also says it will release third-quarter results before the market opens Oct. 28 but will not hold an earnings conference call because of the transaction.

For the automotive and commercial-truck retailer, the immediate change is an agreed ownership transaction with existing major shareholders. The closing process, rather than a new owner already taking control, is the next milestone for employees, suppliers and customers to follow.

Mitsui’s cash-cost estimate is based on specified share counts, not a final closing statement.