Penske Automotive to buy Rybrook Group of 15 U.K. dealerships that generate about $1 billion of revenue a year

Penske Automotive Group Inc.
PAG,
-0.07%
said Monday it has agreed to acquire Rybrook Group Ltd., a U.K.-based company that consists of 15 premium dealerships, including four BMW dealerships, four MINI dealerships, four Volvo dealerships, two Land Rover dealerships and one Porsche dealership. Three of the four BMC locations also retail BMW Motorrad motorcycles. No terms were disclosed but the dealerships generate estimated annualized revenue of $1 billion. The deal is expected to close in January and to be funded with existing liquidity. The stock has gained 31% in the year to date, while the S&P 500
SPX,
+0.41%
has gained 20%.