ASBURY AUTOMOTIVE GROUP INC (ABG): M&A transaction — Asbury Automotive completes $1.2B acquisition of Jim Koons Automotive Companies

ASBURY AUTOMOTIVE GROUP INC

Acquisition adds 20 dealerships, 29 franchises, and 6 collision centers in VA, MD, DE.
Expected annualized revenue of ~$3B from Koons; purchase price includes $740M goodwill.
Funded via Asbury's existing credit facility and cash on hand.
Koons is the 9th largest privately-held U.S. dealer group with top Toyota, Lexus, Mercedes franchises.

Key facts

Extracted from this filing and checked against the source text.

M&A Transactions SEC 8-K Item 2.01/5.01 confidence 0.9

ASBURY AUTOMOTIVE GROUP INC completed an acquisition involving Jim Koons Dealerships for approximately $1.2 billion (closed 2023-12-11).

Action: acquisition
Counterparty: Jim Koons Dealerships
Consideration: approximately $1.2 billion
Closing: 2023-12-11

Exact text from the filing

and Sale Agreement with various entities that comprise the Jim Koons automotive dealerships group (the “Transaction”) for an aggregate net purchase price of approximately $1.2 billion, which includes $740 million for goodwill, approximately $420 million for the real estate and leasehold improvements and approximately $70 million for new vehicles, used

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ASBURY AUTOMOTIVE GROUP INC filing history →

Source: SEC EDGAR

accession 0001144980-23-000134

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