The second-largest car retailer in the U.S. has beat out other bidders to buy GM's Saturn brand, according to sources.
Bloomberg News reported today that Penske Automotive Group trumped Oklahoma City-based private equity firm Black Oak Partners' bid to purchase GM's Saturn brand and its retail network, citing a person familiar with the negotiations. According to the source, Penske will pay GM $100 million to $200 million for Saturn, and the deal could be announced soon.
The sale would close the week on a positive note for GM, which filed for bankruptcy at the beginning of the week. So far it has announced a tentative deal to offload Hummer to a Chinese manufacturer, but it still must sell or close Saab and Saturn.
It was unclear if Saturn's management team would be a part of the transfer of Saturn from GM to Penske Automotive. Penske is rumored to be in talks with Renault and Mitsubishi to supply product for the Saturn network, as GM plans to stop manufacturing vehicles for the brand.
GM and Penske spokesmen declined to comment on the report.