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Stock Market & Financial Investment News

News Breaks
June 15, 2014
14:55 EDTLADLithia Motors to acquire DCH Auto Group
Lithia Motors and DCH Auto Group Limited have entered into a definitive agreement to combine their companies. In the transaction, Lithia will acquire 100% of the outstanding shares of DCH Auto Group , one of the 10 largest dealer groups in the country, for an estimated price of approximately $340M in cash and $22.5M, or approximately 300,000 shares of Lithia common stock. Upon closing, DCH's 27 stores, located in Southern California, New Jersey and New York, will be combined with Lithia's 101 stores in the Western United States. The DCH stores are estimated to generate approximately $2.3B in annualized revenue, and are expected to increase 2014 earnings per share by approximately 12c to 14c, excluding acquisition costs. On an annualized basis, the DCH stores are expected to increase earnings per share by 65c to 75c. The transaction is expected to be funded through the expansion of Lithia's existing credit facility by $600M, mortgage financing of $200M, and available cash flows from operations. It is targeted to close in Q414, and is subject to customary approval conditions. Lithia expects to incur pre-tax costs associated with the transaction of approximately 4c to 6c per share in 2014.
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August 25, 2015
14:28 EDTLADLithia Motors announces acquisition of Acura of Honolulu
Lithia Motors announced it has acquired Acura of Honolulu. The store will add $50M in estimated annual revenues. Bryan DeBoer, Lithia President and CEO, commented, "We are pleased to be growing in Hawaii. This is our fourth store in the state and the only Acura store on Oahu, an island with a population of nearly a million people. This is our second Honda / Acura store in the market, and along with Island Honda of Maui will strengthen our presence in the market."

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