AutoNation To Buy 12 Stores With 31 Franchises In Texas - Quick Facts

(RTTNews) - Automotive retailer AutoNation Inc. (AN) said it agreed to acquire 12 stores, including 31 franchises, in the Houston, Dallas-Fort Worth, Corpus Christi, Tyler, Ennis and Waco, Texas markets from Allen Samuels Auto Group.

The stores represent about $800 million in annual revenue as well as 19,500 retail new and used vehicle unit sales. On completion of the acquisition, Texas will represent about 25 percent of AutoNation's total revenue, with 53 stores, 82 franchises and 5,300 associates.

The franchises to be acquired include Chrysler, Dodge, Jeep, Ram, Chevrolet, Hyundai, Mercedes-Benz and Sprinter. This transaction, subject to customary conditions, including manufacturer approval, is expected to close in the first quarter of 2016.