- 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.
