Penske, Mitsui make $3.8 billion offer to take auto retailer Penske Automotive private

Penske Corp and Mitsui have offered $210 per share in cash to take Penske Automotive Group private, valuing the deal at about $3.8 billion. The announcement sent PAG shares up more than 11% in morning trade, reflecting investor optimism that the buyout will unlock value at a premium. Penske Corp already controls over 52% of the company, while Mitsui holds more than 20%, making the transaction a shareholder-led privatization rather than a hostile bid. The deal underscores continued consolidation in auto retail, where recurring service revenue and scale benefits make dealership groups attractive targets. If completed, the transaction would remove PAG from public markets and consolidate control with existing owners.