Penske Automotive Completes $200-Million Acquisition

Following the news July 28, 2013 that Penske Automotive Group (NYSE: PAG  ) had signed an agreement to acquire Western Star Trucks Australia, the commercial auto and parts distribution unit of Transpacific Industries Group, the deal has been completed, Penske announced today.

The estimated $200-million, all-cash deal includes approximately $67 million in working capital, according to Penske's statement. The new commercial vehicle group is expected to boost annual revenues between $420 million to $460 million for Penske, along with adding an estimated $0.10 to $0.14 per share on an annual basis.

Penske Automotive chairman Roger Penske said the acquisition, "provides us with an attractive gateway to enhance our global business profile while potentially providing a stepping-stone to Southeast Asian markets for other parts of our business."

Penske said it intends to retain Western Star's existing management team.


Read/Post Comments (0) | Recommend This Article (0)

Comments from our Foolish Readers

Help us keep this a respectfully Foolish area! This is a place for our readers to discuss, debate, and learn more about the Foolish investing topic you read about above. Help us keep it clean and safe. If you believe a comment is abusive or otherwise violates our Fool's Rules, please report it via the Report this Comment Report this Comment icon found on every comment.

Be the first one to comment on this article.

Sponsored Links

Leaked: Apple's Next Smart Device
(Warning, it may shock you)
The secret is out... experts are predicting 458 million of these types of devices will be sold per year. 1 hyper-growth company stands to rake in maximum profit - and it's NOT Apple. Show me Apple's new smart gizmo!

DocumentId: 2617960, ~/Articles/ArticleHandler.aspx, 8/29/2014 10:34:54 PM

Report This Comment

Use this area to report a comment that you believe is in violation of the community guidelines. Our team will review the entry and take any appropriate action.

Sending report...


Advertisement