Penske Automotive Group Inc. has signed an agreement to acquire Western Star Trucks Australia from from Transpacific Industries Group Ltd.
Western Star Trucks Australia is a distributor of commercial vehicles, related spare parts and aftermarket support across Australia and New Zealand and portions of Southeast Asia. It primarily distributes heavy and medium-duty trucks for Western Star, MAN and Dennis Eagle through a network of over 80 independent dealers while serving customers across a number of industries, including on-highway, logistics, construction, mining, manufacturing, agricultural and waste/refuse collection.
The total purchase price is expected to about $200 million, which will be financed using available cash flow from operations and availability under the company’s credit and floorplan financing facilities.
Subject to specified closing conditions, the transaction is expected to close in the third quarter of 2013.
