- LMP Automotive Holdings Inc LMPX has acquired certain dealerships of General Motors Company GM and Nissan Motor Co Ltd NSANY in Texas, along with the associated real estate, for about $141 million.
- The company expects this deal to add about $27 million in adjusted EBITDA or $2.19 per share and $250 million in annualized revenue in 2022.
- It expects to close the deal in the fourth quarter of 2021.
- The company plans to fund the deal through a combination of cash on balance sheet, $42 million in common stock, and debt financing.
- It held $19.4 million in cash and cash equivalents, including restricted cash, as of March 31, 2021.
- “This brings us a step closer to our goal of having approximately 100 dealerships in our network by the end of next year,” said CEO Sam Tawfik.
- Price action: LMPX shares are trading higher by 4.34% at $15.13 on the last check Monday.
© 2022 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Ad Disclosure: The rate information is obtained by Bankrate from the listed institutions. Bankrate cannot guaranty the accuracy or availability of any rates shown above. Institutions may have different rates on their own websites than those posted on Bankrate.com. The listings that appear on this page are from companies from which this website receives compensation, which may impact how, where, and in what order products appear. This table does not include all companies or all available products.
All rates are subject to change without notice and may vary depending on location. These quotes are from banks, thrifts, and credit unions, some of whom have paid for a link to their own Web site where you can find additional information. Those with a paid link are our Advertisers. Those without a paid link are listings we obtain to improve the consumer shopping experience and are not Advertisers. To receive the Bankrate.com rate from an Advertiser, please identify yourself as a Bankrate customer. Bank and thrift deposits are insured by the Federal Deposit Insurance Corp. Credit union deposits are insured by the National Credit Union Administration.
Consumer Satisfaction: Bankrate attempts to verify the accuracy and availability of its Advertisers' terms through its quality assurance process and requires Advertisers to agree to our Terms and Conditions and to adhere to our Quality Control Program. If you believe that you have received an inaccurate quote or are otherwise not satisfied with the services provided to you by the institution you choose, please click here.
Rate collection and criteria: Click here for more information on rate collection and criteria.