Penske Automotive Group agrees to acquire Rybrook Group's 15 UK dealerships for ~$1B annual revenue

PENSKE AUTOMOTIVE GROUP, INC.

Acquisition of 15 premium dealerships including BMW, MINI, Volvo, Land Rover, and Porsche brands.
Estimated annualized revenue from the dealerships is $1 billion.
Acquisition expected to close in January 2024, subject to customary conditions.
Funding will come from existing liquidity; certain regulatory approvals already received.
Also amends UK credit agreement to increase capex limit from £100M to £150M per year.

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