Penske and Mitsui take Penske Automotive private at $212 a share

Penske Automotive Group agreed to be taken private by an entity owned by Penske Corporation and Mitsui & Co., which will pay public holders $212.00 per share in cash. The deal values the auto and commercial truck retailer at an enterprise value of about $16.3 billion. The price is an 8.84% premium to the October 14 close. Penske will own about 64% after closing and Mitsui about 36%.

Why it matters: It is one of the year's larger take-privates, and controlling holders are buying out the public float of a major global auto retailer.