Tag Archives: NYSE: PAG

Penske Automotive Group (NYSE: PAG) said today that it has signed an agreement to acquire Porsche Centre Melbourne, located in Melbourne, Australia, from Porsche Retail Group Australia Pty Ltd. Upon completion of the acquisition, Porsche Centre Melbourne will expand the Company’s partnership with Porsche in Melbourne. The acquisition is expected to add $130 million in estimated annualized revenue, bringing the estimated annualized revenue for the three Porsche Dealerships in Melbourne to $260 million. The acquisition is subject to customary conditions and is expected to close by the end of this year. This will be 25th Porsche dealership that Penske owns globally.

“We are thrilled to extend our relationship with Porsche in Melbourne and are committed to providing exceptional service and innovative retail experiences that exceed our customers’ expectations,” said Penske Automotive Group Head of International Operations Randall Seymore. Continue reading →