Benzinga | Jul 19, 2021 09:44AM EDT

LMP Automotive Stock Jumps After Deal To Buy GM, Nissan Dealerships In Texas For $141M

* LMP Automotive Holdings Inc (NASDAQ:LMPX) has acquired certain dealerships of General Motors Company (NYSE:GM) and Nissan Motor Co Ltd (OTC:NSANY) in Texas, along with the associated real estate, for about $141 million.

* The company expects this deal to add about $27 million in adjusted EBITDA or $2.19 per share and $250 million in annualized revenue in 2022.

* It expects to close the deal in the fourth quarter of 2021.

* The company plans to fund the deal through a combination of cash on balance sheet, $42 million in common stock, and debt financing.

* It held $19.4 million in cash and cash equivalents, including restricted cash, as of March 31, 2021.

* "This brings us a step closer to our goal of having approximately 100 dealerships in our network by the end of next year," said CEO Sam Tawfik.

* Price action: LMPX shares are trading higher by 4.34% at $15.13 on the last check Monday.