Asbury Automotive to acquire Jim Koons dealerships for ~$1.2B, adding 20 stores in Mid-Atlantic

ASBURY AUTOMOTIVE GROUP INC

Purchase price ~$1.2B ($740M goodwill, $417M real estate) for 20 dealerships, 6 collision centers, 29 franchises.
Jim Koons group generated over $3B revenue in 2022; Asbury calls deal transformative for its Mid-Atlantic expansion.
Transaction not subject to financing condition; expected close Q4 2023 or early Q1 2024.
Asbury plans to fund with existing liquidity, credit facility, and cash on hand.

Key facts

Extracted from this filing and checked against the source text.

Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.95

ASBURY AUTOMOTIVE GROUP INC entered into Transaction Agreement with Jim Koons Dealerships valued at approximately $1.2 billion (effective 2023-09-07).

Action: entry
Agreement: asset purchase
Counterparty: Jim Koons Dealerships
Value: approximately $1.2 billion
Effective: 2023-09-07

Exact text from the filing

On September 7, 2023, Asbury Automotive Group, L.L.C. (“Purchaser”), a Delaware limited liability company and a wholly-owned subsidiary of Asbury Automotive Group, Inc., a Delaware corporation (the “Company”), entered into a Purchase and Sale Agreement (the “Transaction Agreement”) with various entities that comprise the Jim Koons automotive dealerships group (the “Jim Koons Dealerships”).

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ASBURY AUTOMOTIVE GROUP INC filing history →

Source: SEC EDGAR

accession 0001193125-23-231116

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