Penske Automotive Group acquires Western Star Trucks Australia
Penske Automotive Group Inc announced that they have signed an agreement for the acquisition of the Western Star Trucks Australia. An affiliate of Daimler Trucks North America, Western Star Trucks Australia is the primary distributor of medium and heavy duty trucks for MAN, Dennis Eagle and Western Star through the association of over 80 independent dealers that services a wide range of customers of different industries. Western Star Trucks Australia caters to industries that include on-highway transportation, construction, logistics, manufacturing, agricultural, mining and waste/refuse collection.
"Western Star Trucks provides us with an attractive gateway to enhance our global business profile," said Penske Automotive Group Chairman Roger S. Penske.
"Strong market dynamics, multiple growth options and one of the largest and well-established dealer networks in Australia and New Zealand enhance the business opportunity. We believe that our existing relationships with heavy and medium-duty truck manufacturers and our experience in operating distribution and dealership-related businesses provide us with a unique opportunity to expand our business while potentially providing a steppingstone to Southeast Asian markets for other parts of our business," he added.
Penske Automotive Group said that they expect the deal to be completed by the end of the third quarter of 2013. The acquisition was tagged at approximately US$200 million. The deal will include the acquisition of parts, goodwill, assets, and vehicle inventory.