- Penske Automotive Group Inc (NYSE:PAG) has acquired Terry Lee Hyundai and Genesis of Noblesville in Indiana, expanding its presence in the Indianapolis metropolitan market. The financial terms were not disclosed.
- The company expects the acquisition to generate annualized revenue of $80 million.
- The addition of the Hyundai Motor Co., Ltd. (OTC:HYMTF) and Genesis dealerships brings the total expected acquired annualized revenue in 2022 to approximately $745 million.
- Penske held $170.3 million in cash and equivalents as of March 31, 2022.
- Chair and CEO Roger Penske said, "We are pleased to add the Hyundai and Genesis brands to our existing Honda and Chevrolet footprint in the Indianapolis metropolitan market, and welcome their employees to our team."
- Price Action: PAG shares are trading higher by 2.77% at $111.12 on the last check Tuesday.
