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Follow your favorite stocksCREATE FREE ACCOUNTPenske has a fleet of more than 50,000 vehicles, ten times the size of Fluid Truck's current fleet.Justin Sullivan Getty ImagesPenske Automotive Group on Thursday said it had agreed to be taken private by its largest shareholders, Penske Corp and Japan's Mitsui, in a deal that values the auto retailer at about $16.3 billion, including debt.
Shares of the auto dealership chain were up 8.6% before the bell.
The $212 per share purchase price represents an 8.6% premium to the company's closing price on July 21, the day before the initial proposal was made public.
Transportation company Penske Corp owns over 52% of Penske Automotive Group, while Mitsui holds over 20%.
Upon completion of the acquisition, expected in the first quarter of 2027, Penske Corp will own approximately 64% of the auto retailer and Mitsui the remaining.
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