Shares in Pinewood Technologies Group, the automotive intelligence group, jumped 17% in early trading after the company announced a $76.5 million deal to acquire full control of its North American joint venture with Lithia Motors. T
The acquisition, to be settled through new share issuance, gives Pinewood.AI complete ownership of Pinewood North America LLC and removes a key obstacle to broader market adoption in the US and Canada.
The deal simplifies Pinewood's structure, enables full revenue consolidation, and positions it to aggressively pursue market share in the $6.5 billion North American automotive dealer software sector. A shareholder circular and Rule 9 waiver proposal were also issued.
Alongside the transaction, the company said it had secured a five-year contract with Lithia to roll out its software platform across all of Lithia’s current and future North American dealerships by the end of 2028.
The shares rose 69p to 468.5p.