Penske Automotive buys Don Allen Ford and Chrysler Dodge Jeep Ram dealerships on Nantucket for $12.34M

PENSKE AUTOMOTIVE GROUP, INC.

Stock Purchase Agreement with Penske Investments Limited Partnership (affiliate of CEO Roger Penske) to acquire Don Allen Auto Service for $12.34M cash.
Dealerships include Don Allen Ford Nantucket and Don Allen Chrysler Dodge Jeep Ram, plus associated real property.
Purchase price subject to adjustment based on net worth at closing; $650,000 holdback retained.
Closing expected in Q1 2024, subject to manufacturer approvals and customary conditions.
Transaction is a related party transaction; seller is an affiliate of CEO Roger Penske.

Key facts

Extracted from this filing and checked against the source text.

Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.99

PENSKE AUTOMOTIVE GROUP, INC. entered into Stock Purchase Agreement with Penske Investments Limited Partnership valued at $12,340,000 in cash (effective 2023-12-22).

Action: entry
Agreement: asset purchase
Counterparty: Penske Investments Limited Partnership
Value: $12,340,000 in cash
Effective: 2023-12-22

Exact text from the filing

On December 22, 2023, Penske Automotive Group, Inc. ( "we," "us" or the "Company") entered into a Stock Purchase Agreement (the "Purchase Agreement") with Penske Investments Limited Partnership, a Nevada partnership owned by entities affiliated with our Chair and Chief Executive Officer Roger S. Penske ("PILP"), to acquire all of the issued and outstanding capital stock of Don Allen Auto Service, Inc., a Massachusetts corporation (the "Dealership Entity"), for a purchase price of $12,340,000 in cash (the "Purchase Price"), subject to certain adjustments.

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Source: SEC EDGAR

accession 0001019849-23-000195

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