Asbury Automotive to acquire luxury dealerships from Park Place in cash deal valued at $1 billion [MarketWatch]
Asbury Automotive Group Inc (ABG)
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Source: MarketWatch
Asbury Automotive to acquire luxury dealerships from Park Place in cash deal valued at $1 billion Asbury Automotive Group Inc. ABG, +3.98% said Thursday it has reached an agreement to acquire assets of Park Place Dealerships in an all-cash deal valued at $1 billion. Park Place has a portfolio of luxury dealerships that will increase the car retailer's geographic mix to 36% of revenue coming from the Texas market and about 50% of revenue coming from luxury brands. The deal is expected to add about $2 billion in annualized revenue and to close in the first quarter of 2020. "Their portfolio of stores comes with a strong base of loyal clients and 2,100 long-term team members throughout the high growth Dallas/Fort Worth market," Asbury Chief Executive David Hult said in a statement. "We are also excited to grow our presence in Austin, Texas with a Jaguar/Land Rover open point, which is another high growth luxury market." The deal is expected to boost 2020 EPS by $1.00 to $1.25, excludin
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ABG
Earnings
- 10/29/24 - Miss
ABG
Sec Filings
- 11/19/24 - Form 8-K
- 11/8/24 - Form 4
- 10/31/24 - Form SC
- ABG's page on the SEC website