Penske Automotive Group said Aug. 30 it has completed its $200 million purchase of Australian truck distributor that sells a variety of truck brands.
, said it acquisition of Western Star Trucks Australia will generate about $420 million to $460 million in annual revenue. It anticipates acquisition costs of 2 cents per share in the third quarter.
鈥淲e are extremely pleased to complete this acquisition in such an efficient time frame,鈥 Penske Chairman Roger Penske said in a statement. The deal 鈥減rovides us with an attractive gateway to enhance our global business profile while potentially providing a steppingstone to Southeast Asian markets for other parts of our business,鈥 he said.
Western Star Trucks Australia distributes heavy and medium-duty trucks for Western Star, MAN and garbage-truck manufacturer Dennis Eagle to a network of more than 80 independent dealers.
The MAN truck and bus brand is majority-owned by Volkswagen AG and is within the top-six suppliers to the Australian bus market, Penske said.
Transport Topics
