Benzinga | Dec 15, 2021 06:14AM EST

Rush Enterprises Acquires Certain Assets Of Summit Truck Group

Rush Enterprises Inc (NASDAQ:RUSHA) has acquired certain assets of Summit Truck Group, an International brand commercial vehicle dealership group in the U.S, for about $205 million, excluding the real property associated with the transaction.

* The company expects the acquisition to expand the network of Rush Truck Centers to 125 franchised dealership locations in 22 states.

* The sixteen newly acquired International brand commercial vehicle dealerships include five locations in Arkansas, three in Kansas, seven in Missouri, and one in Tennessee.

* The company also acquired Summit Truck Group's dealership facility in Wichita Falls, Texas, to be operated as a full-service Peterbilt commercial vehicle dealership.

* The company expects the transaction to be immediately accretive to cash flow and earnings.

* The company purchased certain real estate owned by affiliates of Summit Truck Group for $56 million.

* Rush Enterprises held $259.7 million in cash and equivalents as of September 30, 2021.

* Price Action: RUSHA shares closed lower by 0.07% at $53.57 on Tuesday.