Approximately $1.2 billion will be the deal’s estimated value, according to MarketWatch. It’s anticipated to close in the final quarter of this year or early in the next one.
Asbury plans to use available liquidity, a line of credit, and cash on hand to pay for the acquisition.
Jim Koons, the ninth-largest privately held car dealer in the US, operates across the Mid-Atlantic region. In 2022, its revenue surpassed $3 billion. Among other brands sold by the company are Toyota, Lexus, Mercedes-Benz, Ford, Kia, Hyundai, Volvo, Stellantis, and General Motors.
source: marketwatch.com
