LMP Automotive to acquire a 70% stake in Atlantic Automotive Group for $608m.

LMP Automotive, an e-commerce and facilities-based platform, agreed to acquire a 70% stake in Atlantic Automotive Group, New York’s largest franchise dealership group, for $608m. "This acquisition is expected to add an estimated $1.6bn in revenue, $38m in net income, or $3.18 per share, on an annualized basis in 2021, combined with our currently contracted acquisitions which we expect to close beginning the end of next month and the following months. We anticipate combined expected revenues post-closing to exceed $2.2bn, generating approximately $55m in net income, or$4.59 per share, based on 12m shares outstanding post financings," Evan Bernstein, LMP CFO.