Benzinga | Sep 13, 2021 03:37PM EDT

Group 1 Automotive To Acquire Prime Automotive For Undisclosed Sum

* Group 1 Automotive Inc (NYSE:GPI) has agreed to acquire all the assets, including real estate, of Prime Automotive Group, headquartered in Westwood, Massachusetts, for an undisclosed sum.

* Prime Automotive has 30 dealership locations and three collision centers in the Mid-Atlantic and New England markets.

* In 2020, the Prime dealerships generated $1.8 billion in annual revenues and retailed over 52,000 new and used vehicles.

* After completing the deal, Group 1's consolidated brand mix is expected to be approximately 43% luxury, 36% non-luxury import, and 21% non-luxury domestic.

* Group 1 Automotive held $198.7 million in cash and equivalents as of June 30, 2021.

* Price Action: GPI shares are trading higher by 2.77% at $162.66 on the last check Monday.