Pendragon sold its dealer network to Oregon-based Lithia Motors for £397 million
US dealer group Lithia has completed its purchase of Pendragon, parent company of the Evans Halshaw and Stratstone brands.
This caps a 12-month period in which North American firms have taken over some of the UK’s biggest dealer groups.
Its successful bid of £397 million saw off the challenge of a joint bid from US rival Penske and Sweden’s Hedin Group.
Lithia already had a foothold in the UK, thanks to the completion of its takeover of Jardine Motors Group in March last year with a successful bid reportedly totalling £300m.
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