Group 1 to Acquire Hennessy Automobile Dealerships in Atlanta for $1.3 Billion
Group 1 Automotive (NYSE: GPI) has agreed to acquire the dealership assets and real estate of Hennessy Automobile Companies, significantly expanding its presence in the Atlanta market. The acquisition includes 10 dealerships with luxury brands such as Lexus, Jaguar/Land Rover, and Porsche, generating approximately $1.7 billion in annualized revenue. This deal is expected to be immediately accretive to Group 1's earnings per share upon closing. The transaction will increase the number of Atlanta-based dealerships from three to 15, making it the company’s second-largest market by revenue and its ninth U.S. market with five or more stores. The acquisition is valued at approximately $1.3 billion and includes blue sky, real estate, and operating assets. Group 1 plans to finance the deal using new debt supported by a bridge commitment. The transaction is expected to close by year-end 2026, pending regulatory approvals, OEM approvals, and customary closing conditions.
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Topics: acquisition automotive deal expansion