The deal, expected to be completed by April, is likely to mark the start of a European expansion campaign for UnitedAuto Group (UAG). Last month it acquired two Mercedes-Benz dealerships, in Milton Keynes and Kettering, from DaimlerChrysler UK.
Frank Sytner, chairman of the Synter Group, said the offer was “highly attractive” for shareholders, customers and employees and believed the cultural fit between the two companies would be “excellent”.
Mr Sytner has a 27% stake in the company and stand to make £25.7m from the deal. “This will enable Sytner to continue to develop its manufacturer relationships with the backing of one of the leading auto retailers in the US," he said. "I am delighted that Sytner is joining UAG and I look forward to the opportunities that lie ahead.”
UAG is part of the £8bn turnover Penske Corporation.