RTTNews | Oct 9, 2020 04:56PM EDT

16:56 Friday, October 9, 2020 (RTTNews.com) - LMP Automotive Holdings, Inc. (LMPX), an online automobiles platform, Friday said agreed to buy 70% stake in New York's Atlantic Automotive Group, and New York logistics and vehicle storage company, Atlantic Central Storage, in a deal valued at $608 million.

LMP Automotive Holdings, Inc. (LMPX), an online automobiles platform, Friday said agreed to buy 70% stake in New York's Atlantic Automotive Group, and New York logistics and vehicle storage company, Atlantic Central Storage, in a deal valued at $608 million.

CFO Evan Bernstein said, "This acquisition is expected to add an estimated $1.6 billion in revenue, $38 million in net income, or $3.18 per share, on an annualized basis in 2021, combined with our currently contracted acquisitions which we expect to close beginning the end of next month and the following months.|

The company expects revenues post-closing to exceed $2.2 billion, generating about $55 million in net income or $4.59 per share.

Bernstein added, "We are seeing a robust acquisition market as we continue to build our pipeline of prospective dealership acquisitions and intend on accelerating our acquisition strategy moving forward in our targeted regions, as well as recruiting adding additional management and promoting within our portfolio companies."

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