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- Asbury Automotive Group Inc (NYSE:ABG) has agreed to acquire Larry H. Miller Dealerships and Total Care Auto (TCA), Powered by Landcar, for an aggregate of $3.2 billion, including $740 million of real estate.
- The acquisition will add about $5.7 billion in annualized revenue.
- The transaction will expand the company’s presence into six Western states: Arizona, Utah, New Mexico, Idaho, California, and Washington.
- The operating assets acquired include 54 new vehicle dealerships, seven used vehicle dealerships, and 11 collision centers.
- Asbury expects the acquisition of these entities, assuming the fourth quarter of 2021 closing date and equity financing of $600 million, to be approximately 14% accretive to 2022 EPS, with 2024 EPS accretion expected to be 20%.
- Asbury has secured committed bridge financing in support of the acquisition. It held $102.3 million in cash and equivalents as of June 30, 2021.
- Price Action: ABG shares closed lower by 2.02% at $198.82 on Tuesday.
Crypto Whales Are Loading Up — Are You?
New research shows the biggest crypto buyers are back. And this time? They could hold for the possibility that Bitcoin will surpass $100,000 in 2024. You don’t want to miss the next massive crypto bull run like we saw in 2020 and 2021. To know exactly what’s going on and what to buy… Get Access To Benzinga’s Best Crypto Research and Investments For Only $1.
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