Penske Automotive to buy Rybrook Group of 15 U.K. dealerships that generate about $1 billion of revenue a year

Penske Automotive Group Inc.
When,
-0.07%

announced Monday that it has agreed to acquire Rybrook Group Ltd., a U.K.-based company that includes 15 premium dealerships, including four BMW dealerships, four MINI dealerships, four Volvo dealerships, two Land Rover dealerships and one Porsche dealership. Three of the four BMC locations also sell BMW Motorrad motorcycles. No terms were disclosed, but the dealerships generate an estimated $1 billion in annualized revenue. The transaction is expected to be completed in January and financed with existing liquidity. The stock has gained 31% since the start of the year, while the S&P 500
SPX,
+0.41%

gained 20%.