(Reuters) -U.S. auto-dealer Asbury 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.
(Reporting by Aishwarya Jain; Editing by Savio D’Souza)
