Penske Automotive agrees to $212-per-share take-private deal
PAG
Penske Automotive Group agreed to be taken private by an entity owned by Penske Corporation and Mitsui. Eligible shareholders would receive $212.00 per share in cash under the merger agreement announced October 15.[1]
The terms and conditions
The deal values the company at approximately $16.3 billion in enterprise value. The cash payment applies to common shareholders outside Penske Corporation, Mitsui and the other investor-group members.[1]
Closing is expected in the first quarter of 2027, subject to regulatory approvals and shareholder votes, including approval by a majority of votes cast by unaffiliated stockholders. The transaction has no financing condition. PAG shares would leave the New York Stock Exchange after closing.[1]
What matters for PAG investors
The offer gives shareholders a stated cash consideration, but the agreement is not a completed acquisition. Timing and approval risk remain. The absence of a financing condition does not remove the other closing requirements. Investors should distinguish the enterprise valuation from the cash paid for their individual shares.[1]
PAG 13F fund activity
In 13F filings for the quarter ended Jun 30, 2026, 1 fund we track made a large change in PAG: 1 opened a position or grew one by half or more, and none cut one by half or more.
- Millennium Management LLC added 121,008 shares.
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