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- Lithia Motors Inc (NYSE:LAD) is reportedly in advanced talks to acquire U.K.-based counterpart Jardine Motors for £300 million.
- If completed, Jardine Motors will be sold by its parent Jardine Matheson Holdings, a Hong Kong-based conglomerate, reported Sky News.
- The acquisition will expand Lithia's foothold in the U.K., including access to Ferrari NV (NYSE:RACE) and Maserati.
- Jardine Motors has about 2,700 employees at 50 sites across the U.K. It represents 14 renowned car brands.
- "Discussions around a potential transaction are ongoing and a further update will be issued in due course," the report cited Lithia spokesperson.
- Price Action: LAD shares closed higher by 4.57% at $240.42 on Friday.
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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