Following the news July 28, 2013 that Penske Automotive Group had signed an agreement to acquire Western Star Trucks Australia, the commercial auto and parts distribution unit of Transpacific Industries Group, the deal has been completed, Penske announced today.
The estimated $200-million, all-cash deal includes approximately $67 million in working capital, according to Penske's statement. The new commercial vehicle group is expected to boost annual revenues between $420 million to $460 million for Penske, along with adding an estimated $0.10 to $0.14 per share on an annual basis.
Penske Automotive chairman Roger Penske said the acquisition, "provides us with an attractive gateway to enhance our global business profile while potentially providing a stepping-stone to Southeast Asian markets for other parts of our business."
Penske said it intends to retain Western Star's existing management team.
The article Penske Automotive Completes $200-Million Acquisition originally appeared on Fool.com.Fool contributor Tim Brugger has no position in any stocks mentioned. The Motley Fool has no position in any of the stocks mentioned. Try any of our Foolish newsletter services free for 30 days. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.
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