Lithia & Driveway Forms Strategic Partnership With Pinewood Technologies And Acquires Pendragon's Fleet Management And UK Motor Divisions
Portfolio Pulse from Benzinga Newsdesk
Lithia & Driveway has formed a strategic partnership with Pinewood Technologies and acquired Pendragon's Fleet Management and UK Motor Divisions. This acquisition is expected to generate over $4.5 billion in annual revenues and will increase Lithia's presence in the UK market. Lithia will also take a 16.7% ownership in the remaining Pinewood business.
September 18, 2023 | 6:29 am
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Lithia's acquisition of Pendragon's divisions and partnership with Pinewood Technologies is expected to generate over $4.5 billion in annual revenues and increase its UK market presence. Lithia will also own 16.7% of the remaining Pinewood business.
The acquisition and partnership will significantly increase Lithia's revenues and presence in the UK market, which is likely to have a positive impact on its stock price. The 16.7% ownership in Pinewood also provides additional value.
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RELEVANCE 100