Asbury Automotive Group acquires Jim Koons Automotive

Client(s) Asbury Automotive Group, Inc.

Jones Day is advising Asbury Automotive Group, Inc. (NYSE: ABG), one of the largest automotive retail and service companies in the U.S., in its definitive agreement with the Jim Koons Automotive Group of Companies to acquire Jim Koons Automotive for approximately $1.2 billion in cash.

The Jim Koons Automotive dealerships represent approximately $3 billion in revenue and is the ninth largest privately-owned dealership group in the U.S. This acquisition is the largest auto retail transaction since 2021.

As a result of the transaction, Asbury will acquire 20 new vehicle dealerships, six collision centers, parts, all new and used vehicles, service loaners, fixed assets and leaseholds. The transaction is expected to close in the fourth quarter of 2023 or early in the first quarter of 2024, and is subject to automobile factory approvals and other customary closing conditions.