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Asbury Automotive to acquire Jim Koons for about $1.2 billion
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investing.com(Reuters) -U.S. auto-dealer Asbury (NYSE:ABG) Automotive Group said on Friday that it would acquire Jim Koons automotive dealerships group for about $1.2 billion.
Jim Koons has 20 dealerships and 29 franchises in the United States and posted over $3 billion in revenue in 2022.
Asbury, which plans to fund the purchase with its existing finances, said the deal value includes $740 million for goodwill and about $417 million for real estate and leasehold improvements.
The transaction is expected to close in the fourth quarter or early in the first quarter next year.
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