Benzinga | Sep 13, 2021 01:19PM EDT

LMP To Acquire 5 Import Dealerships, Associated Real Estate In Texas For $62.5M

* Automotive retailer LMP Automotive Holdings Inc (NASDAQ:LMPX) has agreed to acquire five import dealerships in Texas, including the associated real estate, for ~$62.5 million.

* LMP expects the acquisition to add about $35 million in adjusted EBITDA or $2.95 per share in 2022.

* The deal is expected to be closed in Q4 2021. Upon completion, LMP's total franchise and dealership count will be 56 and 40, respectively.

* The deal will be funded through a combination of cash on LMP's balance sheet, up to $6.25 million in common stock, and debt financing.

* LMP held $24.3 million in cash and equivalents as of June 30, 2021.

* Price Action: LMPX shares are trading higher by 5.98% at $17.19 on the last check Monday.