Premier Truck Group parent Penske Auto goes private in $16.3B deal
Transaction includes expanded borrowing capacity
Penske Automotive Group, parent of commercial truck retailer Premier Truck Group, agreed to be taken private by Penske Corp. and Mitsui & Co. for an enterprise value of about $16.3 billion.
Shareholders outside the buying group will receive $212 per share in cash, the company announced today in an SEC filing. Penske Corp. will own approximately 64% of Penske Automotive and Mitsui 36% after closing, expected in the first quarter of 2027, subject to approvals.
Premier Truck Group operated 45 locations across 10 U.S. states and two Canadian provinces as of June 30, according to Penske’s second-quarter SEC filing released July 29. Penske’s commercial truck dealership segment generated $1.6 billion in first-half revenue, down 8.2% year over year.
Penske Corp. and Mitsui committed up to $2.2 billion in equity, while JPMorgan, Bank of America and Wells Fargo committed up to $1.8 billion in debt financing, according to the filing. Penske’s lenders also agreed to a conditional increase in its U.S. revolving credit capacity to as much as $2.4 billion from $1.5 billion.
No information was given on changes to Premier Truck Group’s customer financing programs or lender partnerships in the filing or in today’s announcement release. Equipment Finance News requested comment but had not received a response as of publication.
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