Penske Automotive Acquires Three BMW MINI Dealerships In UK

• Penske Automotive Group Inc (NYSE:PAG) U.K. subsidiary has acquired three Bayerische Motoren Werke AG (OTC:BMWYY) BMW MINI dealerships and a collision center in the U.K.
• The dealerships, located in South East England, north of London, complement the company's 32 BMW MINI franchises operated in the U.K. market. 
• Penske Automotive expects the acquisition to generate $250 million in annualized revenues.
• The company funded the deal using existing capacity under its U.K.-based credit agreement. 
• The company held $100.7 million in cash and equivalents as of December 31, 2021.
• Price Action: PAG shares closed lower by 6.50% at $93.72 on Thursday.