Penske has a fleet of more than 50,000 vehicles, ten times the size of Fluid Truck’s current fleet.
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Penske Automotive Group on Thursday said it had agreed to be taken private by its largest shareholders, Penske Corp and Japan’s Mitsui, in a deal that values the auto retailer at about $16.3 billion, including debt.
Shares of the auto dealership chain were up 8.6% before the bell.
The $212 per share purchase price represents an 8.6% premium to the company’s closing price on July 21, the day before the initial proposal was made public.
Transportation company Penske Corp owns over 52% of Penske Automotive Group, while Mitsui holds over 20%.
Upon completion of the acquisition, expected in the first quarter of 2027, Penske Corp will own approximately 64% of the auto retailer and Mitsui the remaining.
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