Asbury Automotive to Acquire Park Place Dealerships for USD 685m.
MANews-(C)2009-2020
US automotive retail and service company Asbury Automotive Group, Inc. (NYSE: ABG) has agreed to acquire certain assets of US luxury dealer group Park Place Dealerships for USD 685m, the company said.
ABG will pay approximately USD 50m for parts, fixed assets, and leaseholds, excluding vehicle inventory.
This acquisition will enhance Asbury's total portfolio and add approximately USD 1.7bn in expected annualised revenues. We are thankful to all of our employees who have worked so hard over the last few months to manage through this pandemic.
The operating assets to be acquired include 12 new vehicle franchises, all of which are located in the attractive Dallas/Fort Worth market:3 Mercedes-Benz, 3 Sprinter, 2 Lexus, 1 Jaguar and 1 Land Rover, 1 Porsche, and 1 Volvo. The acquisition will also include the Park Place auto auction and two collision centres.
The transaction is expected to increase Asbury's geographic mix to...
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