Mergers & Acquisitions ·
Group 1 completes $1.3B acquisition of 10 Atlanta-area dealerships and collision center from Hennessy
GPIGroup 1 Automotive Inc
Group 1 Automotive completed its acquisition of assets related to 10 automobile dealerships and one collision center in the greater Atlanta market from Hennessy Automobile Companies for approximately $1.3 billion, subject to customary post-closing adjustments. The transaction was funded using net proceeds from a previously announced private placement of $625 million of 6.250% senior notes due 2032 and $625 million of 6.625% senior notes due 2035, along with cash on hand. At closing, $80.0 million was deposited into an indemnity escrow account to secure post-closing obligations, with releases scheduled at three, nine, and eighteen months. Group 1 Automotive operates a network of automotive dealerships in the United States.