BLOOMFIELD HILLS, MI
– Penske Automotive Group, Inc., an international automotive retailer, said that it and Rallye Motors have mutually agreed to terminate the previously announced agreement to acquire Rallye Motors by Penske Automotive Group.
Previously, Penske Automotive Group announced that it had signed an agreement to acquire Rallye Motors representing approximately $700 million in annualized revenue, subject to customary conditions. The expected closing date of this transaction was anticipated to be in the first quarter of 2008.
Penske Automotive Group has completed acquisitions in 2007 that are expected to generate approximately $450 million in gross annualized revenue and will provide guidance as to the level of anticipated 2008 acquisitions in connection with the announcement of its fourth quarter results.