Penske Automotive Group to Be Acquired by Penske Corporation and Mitsui & Co. in $16.3 Billion Deal

Paul, Weiss is advising a special committee of Penske Automotive Group’s board of directors in connection with the company’s take-private acquisition by Motown Acquisition Corp, an entity owned by Penske Corporation and Mitsui & Co., Ltd. Under the agreement unanimously recommended by the special committee, holders of Penske Automotive common stock, excluding members of the investor group, will receive $212 per share in cash, valuing the company at $16.3 billion. Upon completion, expected in the first quarter of 2027, Penske Corporation will own 64% of Penske Automotive and Mitsui will own 36%. Penske Automotive is one of the world’s premier automotive and commercial truck retailers, operating dealerships on four continents and employing over 28,900 people.

The Paul, Weiss team is led by partners Jeffrey Marell, Andre Bouchard, Blake Rohrbacher and Lara Solomons, and includes corporate partners Julie Ann Lamm, Nick Schwartz and Tristan VanDeventer; litigation partner James Brower, and counsel Audrey Paquet and Joshua Thompson; executive compensation partner Christopher Gonnella; antitrust partners Ross Ferguson and Yuni Sobel; and tax partner Scott Sontag.