Deals
Auto-Dealer Chain Backs Out of $1 Billion Deal for Luxury Stores
Photographer: David McNew/Getty Images
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Asbury Automotive Group Inc. is pulling the plug on one of the richest acquisitions of car dealerships in history and stocking up on cash instead.
The Duluth, Georgia-based retailer has delivered notice to Park Place Dealerships that it’s terminating the $1 billion, all-cash purchase pact they reached in December, according to a regulatory filing. Asbury will pay Park Place $10 million in damages.