Penske Automotive Pulls Into the Private Garage at $16.3 Billion

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Penske Automotive Group, the dealership group based in Bloomfield Hills, Michigan, has agreed to go private. Its parent, Penske Corp., and long-standing minority shareholder Mitsui & Co. will buy the 27.8% of the company they do not already own, paying about $3.9 billion in cash. The deal values the business at an enterprise value of about $16.3 billion.

Shareholders will receive $212.00 per share, a premium of about 8.8% over the October 14 closing price. The proposal was first disclosed on July 22, 2026, so this particular surprise party had been on the calendar for almost three months.

Keeping it in the family

Before the deal, Roger Penske and Penske Automotive Holdings Corp. owned about 52% of the company, while Mitsui and its US subsidiary jointly held about 20.3%. After closing, ownership will be split roughly 64% Penske and 36% Mitsui. In other words, the two biggest passengers are simply asking everyone else to step out of the car.

A special committee of independent directors, chaired by David Hoogendoorn, evaluated the offer. Hoogendoorn said the committee was pleased to reach agreement with Penske and Mitsui, "our largest shareholders," and that it had thoroughly reviewed the proposal before concluding it provided the greatest value for minority shareholders.

A global retail footprint

As of June 30, 2026, the company operated 362 franchised retail dealerships: 146 in the United States and 216 outside it, mostly in the United Kingdom. Once the deal closes, expected in the first quarter of 2027 pending shareholder and regulatory approval, its shares will stop trading on the New York Stock Exchange. For a business built on selling cars to the public, the irony of leaving the public market is hard to miss.