CanadaOne Auto will soon have a new majority owner.

The dealership group has entered into an agreement in which Australia’s Eagers Automotive Limited will acquire a 65% ownership interest in CanadaOne and its affiliated entities based on an overall enterprise value of $2.5 billion.

As part of the deal, CanadaOne’s shareholders expect to become Eagers’ second largest shareholder. Eagers is Australia’s largest automotive retail group, with more than 400 OEM dealer agreements. The company retails more than 170,000 new units and 70,000 used vehicles, with revenues of about $12 billion Australian.

CanadaOne operates 42 franchised dealerships in five provinces.

The companies have targeted the first quarter of 2026 to close the transaction, subject to OEM and regulatory approvals from the Minister of Industry and other required consents.

In a news release, CanadaOne said CEO Pat Priestner and the current senior leadership team will continue in their positions, and the company’s headquarters will remain in Edmonton.

Priestner called the combination of Eagers and CanadaOne “one of the most dynamic growth platforms in the Canadian automotive sector,” hinting that CanadaOne will focus on expansion going forward.

“By combining our deep local knowledge with Eagers’ international retail expertise, resources and relationships, we are building a platform for long-term, strategic growth that will drive innovation for decades to come,” he said.

“For us, and maybe many others in the Canadian automotive retail industry, this partnership provides a unique opportunity for Canadian dealerships considering succession and legacy by providing immediate capital depth, enabling accelerated investment in acquisitions, dealership infrastructure and digital retailing.”

The companies said the agreement stipulates Pat and Diana Priestner will continue donating some $5 million per year to charities through the CanadaOne Cares Dealership Giving Program.